I bought Bitcoin from Coinbase and transferred it to blockchain and sent to a book. I did not hold or make any profits. I did not get any forms. I did transfer from block chain and cashed out from Coinbase? I did not get any forms. Just answer yes on the 1040 form and move on?
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checked a free site and it said 0 gains?Comment -
This has been asked many times.
If you ever use a tax guy, ask him.
I'm not a tax guy but small potatoes, I'd say "no" and move on. If you say "yes", you will then be expected to show your dealings, at least in Turbo Tax you will.
The IRS wants to see an honest attempt from the filer to get their share. When there are no gains, there is nothing to declare.
There will be differing opinions on this.Comment -
I'll back what Arky said....
I will throw in that the rumor is Coinbase Gemini use a Business Merchant protocol with Bitcoin. I believe it's a 1099-K form (Payment Card - Third Party Network). What this basically means is that they will send you a form if you have one of the following.... 200 or more transactions or $20,000 in sales... selling bitcoin. Don't ask me why they do it.... but this is like the protocol.
*** Again they shouldn't be doing this. But that's what their doing.Comment