
Anyone Get a 1099 From Coinbase?
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jjgoldSBR Aristocracy
- 07-20-05
- 388179
#1Anyone Get a 1099 From Coinbase?Tags: None -
gauchojakeBARRELED IN @ SBR!
- 09-17-10
- 34114
#2Got them from everyoneComment -
clockwise1965SBR Hall of Famer
- 10-01-13
- 6753
#3Yes.. Received 1099's from 2 other crypto platforms as well.Comment -
cornmealSBR High Roller
- 05-15-17
- 220
#4my local gave me 1 this yearComment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#5I think as soon as you go from Coinbase to your bank you’re getting a 1099Comment -
IanSBR Hall of Famer
- 11-09-09
- 6074
#6I believe $600 is the national threshold... it has been that way in certain states for a while now.Comment -
Brock LandersSBR Aristocracy
- 06-30-08
- 45359
#7Use Blockchain.com to withdraw any amount straight to your bank
Cheaper too
Based in LUXEMBOURG, so no tax shitComment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#10I don’t know if Blockchain is obliged to US lawsComment -
eddycashSBR MVP
- 11-06-13
- 4528
#12Print them out on their websiteComment -
SamsNCharge99SBR Aristocracy
- 10-22-08
- 41242
#14NopeComment -
Mr. TeaserSBR MVP
- 08-16-09
- 1668
#15Correct 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 $4950 as soon as you get it then they are no taxes to be paid?Comment -
7deuceoff$uitSBR MVP
- 04-08-16
- 2212
#16I'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 -
PD77SBR MVP
- 12-11-09
- 2380
#17I kept it under $20k and did not get one. I’ve never gotten one from CB, Gemini, cash app etc etc.Comment -
nick1976SBR High Roller
- 01-22-22
- 153
#18is this true? I use gemini and get the 1099. blockchain does not?Comment -
gauchojakeBARRELED IN @ SBR!
- 09-17-10
- 34114
#19They don't know what your buy price was so you need to keep records so that you can offset any gains.Comment -
nick1976SBR High Roller
- 01-22-22
- 153
#21blockchain*Comment -
gauchojakeBARRELED IN @ SBR!
- 09-17-10
- 34114
#22My 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 -
gummoSBR Hall of Famer
- 09-04-06
- 6297
#23I got some shit from cash app but they banned me so fuk it.Comment -
JIBBBYSBR Aristocracy
- 12-10-09
- 83686
#25Claim 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 -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#27Well its obvious from this thread not set def9ned rules Coinbase and 1099's unlike stock tradesComment -
wombatSBR MVP
- 11-23-20
- 1022
#28Blockchain 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 -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#29Womber thanksComment -
jackpot269SBR Posting Legend
- 09-24-07
- 12842
#30nopeComment -
wombatSBR MVP
- 11-23-20
- 1022
#31You 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 -
chico2663BARRELED IN @ SBR!
- 09-02-10
- 36915
#32Yes mine has short term and long term.Comment -
chico2663BARRELED IN @ SBR!
- 09-02-10
- 36915
#3330,000 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 -
sweethookSBR Posting Legend
- 11-21-07
- 12667
#34no sir ..OComment -
jose21_usSBR MVP
- 05-24-10
- 3844
#35I got one from CelsiusComment
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