Coinbase tax reporting

[searanchdude]

I've seen some people have received a Coinbase tax report (form 1099-K, right?) . I haven't received anything.

Do we know if Coinbase has sent all of them out yet?

I probably bought less than $5K in bitcoin and also cashed out back to my bank less than $5K. So those transactions don't meet the threshhold of $20K to receive the tax form.

However, I transferred in and out probably more than $100K worth of bitcoin (without ever converting to dollars.) . Are those transfers enough to trigger tax reporting? Whenever they asked if those transfers were to another banking institution, which they did when the transfer was over a certain amount, I always answered no.

I've been on hold with them to ask these questions about 30 minutes. If they ever pick up, I'll post again with their answer.

Thanks,
Phil

[searanchdude]

They did finally answer the call. The rep didn't seem completely confident in her answers, but she said the following:

1) The tax forms should have been sent by then end of January. If you did not receive one, that means your account is not eligible to receive one based on your activity or account type.

2) She gave me the exact wording of what qualifies an account for tax reporting. "If you have a business account or if you engage in currency sale transactions whose total value is equal to or greater than $20,000 during the calendar year."

I asked a followup question if transferring a bitcoin balance to an external bitcoin address qualifies as a "currency sale transaction". She put me on hold a couple of times to check with others and finally said I needed to ask that from the email address support+1099@coinbase.com, which is manned by a third party. She reconfirmed though that they released a statement that those than are eligible to receive a 1099 should have received it by January 31.

She also followed up with the following:

Unfortunately I cannot provide any legal or tax advice, however the IRS has issued a notice regarding this matter which can be found at:
http://www.irs.gov/pub/irs-drop/n-14-21.pdf
Coinbase provides Form 1099-K to certain business customers and GDAX customers that have received at least $20,000 cash for sales of virtual currency related to at least 200 transactions in a calendar year.
The email in which you could ask questions regarding your 1099 form is support+1099@coinbase.com .
At this time, we do not supply any other 1099 forms, however, we do provide an exportable history of your transactions including cost basis information that you may find useful. You can export your history in CSV format by going to https://www.coinbase.com and selecting the ‘Tools’ menu on the left and then and selecting the “Reports” tab. (https://www.coinbase.com/reports)
For more information, please see our FAQ here:
https://support.coinbase.com/custome...faq?b_id=13521
and the following link has specifics on the 1099-k form as well:
https://support.coinbase.com/custome...rms?b_id=13521
I hope that helps! Thank you for using Coinbase.

[RoyBacon]

Got mine in Jan. May search your email good.