Cryptocurrency Q&A
Does Coinbase report to authorities?
Does Coinbase report to authorities?
Gianluca
Fri Dec 06 2024
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5 answers
934
I am wondering if Coinbase, the cryptocurrency exchange platform, reports any transactions or user information to government authorities or regulatory bodies.
5 answers
Nicolo
Sun Dec 08 2024
Coinbase is required to report to the Internal Revenue Service (IRS) for US users who earn over $600 in rewards or staking.
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Stefano
Sun Dec 08 2024
This reporting is done using Form 1099-MISC, which is a specific tax form used for reporting miscellaneous income.
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CryptoPioneer
Sun Dec 08 2024
As a result, taxpayers who use Coinbase must ensure that they report all of their crypto income, regardless of whether it is covered by Coinbase's forms or not.
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Sara
Sat Dec 07 2024
This includes any transactions or earnings related to cryptocurrency that are taxable.
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Silvia
Sat Dec 07 2024
Failing to report all taxable income could result in penalties from the IRS, which is the governing tax authority in the United States.
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