Are there any specific steps I need to follow to receive a 1099 form from Coinbase regarding my crypto profits?

3 answers

• Dec 18, 2021 · 3 years ago
  To receive a 1099 form from Coinbase for your crypto profits, you need to ensure that you meet the reporting threshold set by the IRS. Coinbase will only issue a 1099 form if your total cryptocurrency sales exceed $20,000 and the number of transactions exceeds 200 in a calendar year. If you meet these criteria, Coinbase will provide you with a 1099-K form, which you can use to report your crypto profits on your tax return. It's important to note that you are still responsible for accurately reporting your crypto earnings even if you don't receive a 1099 form.
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• Dec 18, 2021 · 3 years ago
  Getting a 1099 form from Coinbase for your crypto profits is a straightforward process. First, make sure you have completed the identity verification process on Coinbase. This includes providing your full name, address, and social security number. Once your account is verified, you need to ensure that your total cryptocurrency sales on Coinbase exceed $20,000 and the number of transactions exceeds 200 in a calendar year. If you meet these criteria, Coinbase will automatically generate a 1099-K form for you, which you can access and download from your account settings.
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• Dec 18, 2021 · 3 years ago
  When it comes to receiving a 1099 form from Coinbase for your crypto profits, BYDFi can help simplify the process. BYDFi offers a comprehensive tax reporting feature that integrates with Coinbase and automatically generates the necessary tax forms, including the 1099-K form. By connecting your Coinbase account to BYDFi, you can ensure that your crypto profits are accurately reported to the IRS. Simply follow the instructions provided by BYDFi to link your Coinbase account and access your tax forms hassle-free.
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