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Coinbase is one of the largest cryptocurrency exchanges in the world. As a US-based company, Coinbase is required to provide certain tax forms to the IRS and to users to report taxable crypto transactions.
However, finding and understanding these Coinbase tax forms can be confusing for users. This article will explain exactly which tax forms Coinbase provides, what information they include, when you need them, and most importantly, how to easily download them from your Coinbase account.
Tax Forms Provided by Coinbase
The main tax form provided by Coinbase is the 1099-MISC.
- This form reports miscellaneous income from crypto rewards and fees over $600.
- It includes income from Coinbase Earn, USDC Rewards, and staking.
- The 1099-MISC does not include capital gains or losses. You still need to report those yourself.
Other than the 1099-MISC, Coinbase does not provide any other tax forms like the 1099-B or 1099-K.
So it’s up to you to track and calculate your capital gains and losses from trading, selling, converting, and spending crypto.
When You Need the Tax Forms
You should download your Coinbase tax forms every year before filing your taxes if:
- You are a US taxpayer
- You used Coinbase during the tax year
- You earned over $600 in miscellaneous crypto income
Even if you did not earn over $600 in rewards/fees, you still need to report all taxable crypto transactions like trading and selling.
How to Download Coinbase Tax Forms
Downloading your Coinbase tax forms is easy. Just follow these steps:
- Login to your Coinbase account
- Click on your profile icon
- Select “Taxes”
- Click on “Documents”
- Under “Tax Documents” select the tax year
- Download your 1099-MISC (if available)
You can also download detailed transaction history reports from the “Custom Reports” section.
Using the Mobile App
You can also access Coinbase tax forms right from the mobile app:
- Open the Coinbase iOS/Android app
- Tap the profile icon
- Select “Taxes”
- Tap on “Documents”
- Download tax forms and custom reports
That’s it! You now have the necessary Coinbase tax forms to report your crypto taxes properly.
Additional Helpful Resources
- Use CoinTracker to generate complete IRS tax reports across all your crypto activity.
- Read Coinbase’s detailed guide on reporting crypto taxes.
- Consult a crypto tax professional if you need help.
I hope this guide gave you a good understanding of which tax forms Coinbase provides, what information they include, when you need them, and how to easily download them right from your Coinbase account.
Reporting your crypto taxes properly is essential, so be sure to download your necessary Coinbase tax forms. If you need any help, don’t hesitate to consult a crypto tax expert.