If you're a US taxpayer, you may be wondering where to find your Coinbase tax documents. Here's what you need to know.
What documents you'll likely get from Coinbase
Coinbase is required by law to provide taxpayers with certain tax documents. These include Form 1099-K, Form 1099-B, and Form 1099-MISC. You may receive one or all depending upon what type of trading activity you've had in your Coinbase platform.
Form 1099-K is issued to customers who have received Bitcoin, ethereum, or other cryptocurrencies worth $20,000 or more in a given year. This form reports the total amount of money received from sales of cryptocurrencies.
Form 1099-B is issued to customers who have sold cryptocurrencies worth $600 or more in a given year. It reports the proceeds from the sale of cryptocurrencies.
Form 1099-MISC is issued to customers who have received Bitcoin or other cryptocurrencies worth $600 or more in a given year. It reports miscellaneous income from the sale of cryptocurrencies.
Coinbase and Coinbase Pro will send these forms to you by January 31st of the year following the tax year in question. For example, if you sold Bitcoin in 2022, you would receive your Form 1099-B by January 31, 2023.
Where can you find them?
You can find your Coinbase tax documents by logging into your account and going to the "Tax Documents" section. Here, you'll see all of the forms that have been issued to you, as well as any other relevant information.
If you have any questions about your Coinbase tax documents and what they mean for your tax bill, we recommend that you speak to a tax professional or utilize the Ledgible platform to help you sort through the complexities.
What taxes do I owe on crypto trades?
The short answer is: it depends.
Cryptocurrency trading is a taxable event. That means that if you buy or sell crypto, you may owe taxes on your gains. However, the tax implications of cryptocurrency trading are still relatively unclear, and the IRS has yet to provide concrete guidance.
For now, we recommend that you speak to a tax professional to get a better understanding of what taxes you may owe on your crypto trades, preferably one that utilizes Ledgible for their tax practice. You can also use Ledgible's Tax Center to help you calculate and file your taxes owed on crypto trades.