You guys must have received a Coinbase/GDAX 1099K form.
It was speculated that only activity over a certain amount
(I think it was $20,000 would be reported)
“You are receiving this email because our records indicate that your GDAX / Coinbase account meets the threshold for tax reporting. As a result, we will be submitting a 1099K to the
IRS on your behalf.”
Really, Coinbase, thanks anyway, but I’ll take care of that.
Box 1A is gonna be misleading to one’s
accountant. It’s only a “transaction amount” figure, but I suspect my state,
thanks to Coinbase’s unasked for submittal, will think its gross income and “whack
it” as much as possible.
The online sportsbetting endeavor is still a good thing, and I’m just venting a bit. I appreciate the tons of help I've gotten in this forum.