Anyone Get a 1099 From Coinbase?

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  • jjgold
    SBR Aristocracy
    • 07-20-05
    • 388179

    #1
    Anyone Get a 1099 From Coinbase?
  • gauchojake
    BARRELED IN @ SBR!
    • 09-17-10
    • 34114

    #2
    Got them from everyone
    Comment
    • clockwise1965
      SBR Hall of Famer
      • 10-01-13
      • 6753

      #3
      Yes.. Received 1099's from 2 other crypto platforms as well.
      Comment
      • cornmeal
        SBR High Roller
        • 05-15-17
        • 220

        #4
        my local gave me 1 this year
        Comment
        • jjgold
          SBR Aristocracy
          • 07-20-05
          • 388179

          #5
          I think as soon as you go from Coinbase to your bank you’re getting a 1099
          Comment
          • Ian
            SBR Hall of Famer
            • 11-09-09
            • 6074

            #6
            I believe $600 is the national threshold... it has been that way in certain states for a while now.
            Comment
            • Brock Landers
              SBR Aristocracy
              • 06-30-08
              • 45359

              #7
              Use Blockchain.com to withdraw any amount straight to your bank

              Cheaper too

              Based in LUXEMBOURG, so no tax shit
              Comment
              • hubie69
                SBR Hall of Famer
                • 09-16-10
                • 7329

                #8
                Originally posted by Brock Landers
                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
                Comment
                • pilebuck13
                  SBR Posting Legend
                  • 05-15-15
                  • 17918

                  #9
                  Originally posted by Brock Landers
                  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.
                  Comment
                  • jjgold
                    SBR Aristocracy
                    • 07-20-05
                    • 388179

                    #10
                    I don’t know if Blockchain is obliged to US laws
                    Comment
                    • pilebuck13
                      SBR Posting Legend
                      • 05-15-15
                      • 17918

                      #11
                      Originally posted by jjgold
                      I don’t know if Blockchain is obliged to US laws
                      ? Your bank is 💡
                      Comment
                      • eddycash
                        SBR MVP
                        • 11-06-13
                        • 4528

                        #12
                        Print them out on their website
                        Comment
                        • Brock Landers
                          SBR Aristocracy
                          • 06-30-08
                          • 45359

                          #13
                          Originally posted by hubie69
                          There is ALWAYS tax shit
                          Never had any issues whatsoever
                          Comment
                          • SamsNCharge99
                            SBR Aristocracy
                            • 10-22-08
                            • 41242

                            #14
                            Nope
                            Comment
                            • Mr. Teaser
                              SBR MVP
                              • 08-16-09
                              • 1668

                              #15
                              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 $4950 as soon as you get it then they are no taxes to be paid?
                              Comment
                              • 7deuceoff$uit
                                SBR MVP
                                • 04-08-16
                                • 2212

                                #16
                                Originally posted by 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?
                                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.
                                Comment
                                • PD77
                                  SBR MVP
                                  • 12-11-09
                                  • 2380

                                  #17
                                  I kept it under $20k and did not get one. I’ve never gotten one from CB, Gemini, cash app etc etc.
                                  Comment
                                  • nick1976
                                    SBR High Roller
                                    • 01-22-22
                                    • 153

                                    #18
                                    is this true? I use gemini and get the 1099. blockchain does not?
                                    Comment
                                    • gauchojake
                                      BARRELED IN @ SBR!
                                      • 09-17-10
                                      • 34114

                                      #19
                                      They don't know what your buy price was so you need to keep records so that you can offset any gains.
                                      Comment
                                      • nick1976
                                        SBR High Roller
                                        • 01-22-22
                                        • 153

                                        #20
                                        Originally posted by gauchojake
                                        They don't know what your buy price was so you need to keep records so that you can offset any gains.
                                        at clockchain?
                                        Comment
                                        • nick1976
                                          SBR High Roller
                                          • 01-22-22
                                          • 153

                                          #21
                                          blockchain*
                                          Comment
                                          • gauchojake
                                            BARRELED IN @ SBR!
                                            • 09-17-10
                                            • 34114

                                            #22
                                            Originally posted by nick1976
                                            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.
                                            Comment
                                            • gummo
                                              SBR Hall of Famer
                                              • 09-04-06
                                              • 6297

                                              #23
                                              I got some shit from cash app but they banned me so fuk it.
                                              Comment
                                              • ChuckyTheGoat
                                                BARRELED IN @ SBR!
                                                • 04-04-11
                                                • 37428

                                                #24
                                                Originally posted by jjgold
                                                See Brock Landers (below):

                                                *If you DO get a 1099 in your mailbox...you shove that document right out the other side. Never happened.
                                                Where's the fuckin power box, Carol?
                                                Comment
                                                • JIBBBY
                                                  SBR Aristocracy
                                                  • 12-10-09
                                                  • 83686

                                                  #25
                                                  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.
                                                  Comment
                                                  • nick1976
                                                    SBR High Roller
                                                    • 01-22-22
                                                    • 153

                                                    #26
                                                    Originally posted by 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.
                                                    lol
                                                    Comment
                                                    • jjgold
                                                      SBR Aristocracy
                                                      • 07-20-05
                                                      • 388179

                                                      #27
                                                      Well its obvious from this thread not set def9ned rules Coinbase and 1099's unlike stock trades
                                                      Comment
                                                      • wombat
                                                        SBR MVP
                                                        • 11-23-20
                                                        • 1022

                                                        #28
                                                        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.
                                                        Comment
                                                        • jjgold
                                                          SBR Aristocracy
                                                          • 07-20-05
                                                          • 388179

                                                          #29
                                                          Womber thanks
                                                          Comment
                                                          • jackpot269
                                                            SBR Posting Legend
                                                            • 09-24-07
                                                            • 12842

                                                            #30
                                                            nope
                                                            Comment
                                                            • wombat
                                                              SBR MVP
                                                              • 11-23-20
                                                              • 1022

                                                              #31
                                                              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.
                                                              Comment
                                                              • chico2663
                                                                BARRELED IN @ SBR!
                                                                • 09-02-10
                                                                • 36915

                                                                #32
                                                                Yes mine has short term and long term.
                                                                Comment
                                                                • chico2663
                                                                  BARRELED IN @ SBR!
                                                                  • 09-02-10
                                                                  • 36915

                                                                  #33
                                                                  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.
                                                                  Comment
                                                                  • sweethook
                                                                    SBR Posting Legend
                                                                    • 11-21-07
                                                                    • 12667

                                                                    #34
                                                                    no sir ..O
                                                                    Comment
                                                                    • jose21_us
                                                                      SBR MVP
                                                                      • 05-24-10
                                                                      • 3844

                                                                      #35
                                                                      I got one from Celsius
                                                                      Comment
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