Coinbase Unveils New Tax Support Features As IRS Increases Crypto Scrutiny
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Coinbase unveils new tax support features as IRS increases crypto scrutiny
As bitcoin and a slew of other cryptocurrencies continue to slide Monday, Coinbase unveiled a new suite of resources designed to provide tax assistance to customers. Coinbase's tax center will allow US users to see all of their taxable activity relating to cryptocurrency in one place on the platform. The company will also send 1099-MISC forms to users who earned at least $600 from staking rewards, interest, forks and airdrops in 2021.
As part of its new tax support rollout, Coinbase previouslypartnered with CoinTracker, a crypto tax software provider. If Coinbase users send and receive from Coinbase Pro or external cryptocurrency wallets, they can receive a report from CoinTracker on up to 3,000 transactions. Coinbase is also offering customers a $20 discount for Intuit's TurboTax tax filing software.
Individuals who bought and held crypto assets -- on Coinbase's exchange or elsewhere -- in 2021 will not be required to report anything about it on their return this year. The IRS, which is reported to be more closely scrutinizing cryptocurrency trading, does require reports of capital gains or losses, however, which occurs when an asset is sold or traded. (Read more about how to determine if you owe taxes on your cryptocurrency transactions.)
Coinbase customers will be able to look at all of their taxable activity to see if they owe taxes and how much they need to pay. Coinbase provides a summary of your activity -- including which assets you bought, sold, sent or received -- categorized by date, realized gain/loss and their tax impact.
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