Anyone Get a 1099 From Coinbase?

[jjgold]

[gauchojake]

Got them from everyone

[clockwise1965]

Yes.. Received 1099's from 2 other crypto platforms as well.

[cornmeal]

my local gave me 1 this year

[jjgold]

I think as soon as you go from Coinbase to your bank you’re getting a 1099

[Ian]

I believe $600 is the national threshold... it has been that way in certain states for a while now.

[Brock Landers]

Use Blockchain.com to withdraw any amount straight to your bank

Cheaper too

Based in LUXEMBOURG, so no tax shit

[hubie69]

Use Blockchain.com to withdraw any amount straight to your bank

Cheaper too

Based in LUXEMBOURG, so no tax shit

There is ALWAYS tax shit

[pilebuck13]

Use Blockchain.com to withdraw any amount straight to your bank

Cheaper too

Based in LUXEMBOURG, so no tax shit

? Bank will file anything large.

[jjgold]

I don’t know if Blockchain is obliged to US laws

[pilebuck13]

I don’t know if Blockchain is obliged to US laws

? Your bank is 💡

[eddycash]

Print them out on their website

[Brock Landers]

There is ALWAYS tax shit

Never had any issues whatsoever

[SamsNCharge99]

Nope

[Mr. Teaser]

Correct me if I'm wrong but your taxes are based on the net you've made while it's been in your bitcoin account. If a book sends you 5k bitcoin and you cash out $4950 as soon as you get it then they are no taxes to be paid?

[7deuceoff$uit]

Correct me if I'm wrong but your taxes are based on the net you've made while it's been in your bitcoin account. If a book sends you 5k bitcoin and you cash out $4950 as soon as you get it then they are no taxes to be paid?

I'm an idiot and I have no clue what I'm talking about. That being said, the CPA I spoke with last year says that the moment btc hits your wallet, whether you received it or you bought it, it is considered a "buy" and the moment you cash it out it is considered a "sell". The difference on those two dollar amounts is what you are taxed on. I am an idiot, and nobody should take what I say as legal tax advice.

[PD77]

I kept it under $20k and did not get one. I’ve never gotten one from CB, Gemini, cash app etc etc.

[nick1976]

is this true? I use gemini and get the 1099. blockchain does not?

[gauchojake]

They don't know what your buy price was so you need to keep records so that you can offset any gains.

[nick1976]

They don't know what your buy price was so you need to keep records so that you can offset any gains.

at clockchain?

[nick1976]

blockchain*

[gauchojake]

at clockchain?

My interpretation is that you buy and sell every time you cash in/out. The issue is that you buy coins, exchange them for dollars and either lose your deposit or win and cash out.

So you've effectively purchased the coins and sold them almost instantaneously when you deposit in most cases. The tricky part is when you win, you're buying from a private seller and there's not any sort of 1099 that offshore books are going to send you. You have a record on the Blockchain, but that's it. Then it depends on the price of Bitcoin or whatever crypto you're using at the time you sell (deposit in your bank) vs the time you cashed out.

I'm not an accountant or CPA so this is just my layman's interpretation, but I'm pretty sure this is what you would have to present if you were audited.

[gummo]

I got some shit from cash app but they banned me so fuk it.

[ChuckyTheGoat]

See Brock Landers (below):

*If you DO get a 1099 in your mailbox...you shove that document right out the other side. Never happened.

[JIBBBY]

Claim your winnings and pay your taxes, not the end of the world. Hard to beat Uncle Sam. He always tries to collect. I pay every year and claim it. Haven't been audited yet. I'd like to keep it that way.

[nick1976]

See Brock Landers (below):

*If you DO get a 1099 in your mailbox...you shove that document right out the other side. Never happened.

lol

[jjgold]

Well its obvious from this thread not set def9ned rules Coinbase and 1099's unlike stock trades

[wombat]

Blockchain wallet won't send you a 1099 if you are using just the wallet but the moment you enable the exchange, you will get a 1099.

[jjgold]

Womber thanks

[jackpot269]

nope

[wombat]

You guys have to understand this is the first year they enacted taxes on crypto so they are still defining rules and regulations on what is taxable. The government is still new at this so mistakes will be made regarding taxation policies while they try to understand the nature of crypto.

[chico2663]

Yes mine has short term and long term.

[chico2663]

30,000 long term 4500 short term. Well I got 11,000 worth of hospital bills so guess I will do long term.
good thing is cash 15,000 five years ago and got away scot free.

[sweethook]

no sir ..O

[jose21_us]

I got one from Celsius