Coinbase Exchange Faq
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For the 2020 US tax season, Coinbase will issue the IRS Form 1099-MISC for rewards and/or fees through Coinbase.com, Coinbase Pro, and Coinbase Prime.
Non-US customers will not receive any forms from Coinbase and must utilize their transaction history to fulfil their local tax obligations.
What are my crypto tax obligations for the 2020 tax year?
If you have sold or converted crypto in the year 2020 and are subject to US taxes, you are required to report your gains/losses to the IRS.
To learn more about how US taxes and crypto work, please visit: http://coinbase.com/bitcoin-taxes.
Where can I download my transaction history?
You can download your transaction history in the reports tab for your Coinbase.com transactions and the statements section of Pro to download Pro transactions.
To calculate your gains/losses for the year and to establish a cost basis for your transactions, we recommend connecting your account to CoinTracker. Click here for more information.
1099-MISC for rewards and/or fees
You may receive a 1099-MISC if:
- You are a Coinbase customer AND
- You are a US person for tax purposes AND
- You have earned $600 or more in rewards or fees from Coinbase Earn, USDC Rewards, and/or Staking in 2020.
Does Coinbase provide 1099-Ks?
As of the 2020 tax year, we will not be issuing Form 1099-Ks for trades on Coinbase.
Coinbase Exchange Faq App
Does Coinbase provide 1099-Bs?
We do not issue Form 1099-Bs.
International Customers
At this time, we do not provide tax forms for international customers. Please utilize your transaction history to fulfil any local tax filing obligations.
What is a B-Notice and why did I receive one from the IRS?
You may receive an IRS B-Notice if there are any discrepancies with your tax identification number (TIN) and legal name used by Coinbase to file Forms 1099 with the IRS. The B-Notice will:
Prescribe what information is needed to resolve the B-Notice
Inform you if you are required to provide any additional information beyond updating or correcting your name or TIN
To correct your TIN and/or name, please contact Coinbase Support. For more information about the IRS B-Notice, please go here.
Are my crypto donations tax deductible?
Charitable contributions of cryptocurrency may be tax deductible. Please consult your tax advisor regarding your personal tax circumstances.
Where can I donate cryptocurrency?
GiveCrypto is a nonprofit that distributes cryptocurrency to people living in poverty by connecting them to an open financial system.
How does Converting Cryptocurrency work?
Users can trade between two currencies directly. For example: exchanging Ethereum (ETH) with Bitcoin (BTC), or vice versa.
- All trades are executed immediately and therefore cannot be canceled
- Fiat currency (ex: USD) is not needed to trade
How do I convert cryptocurrency?
- Sign in to your Coinbase account or into the Coinbase mobile app
- Find the asset page for the cryptocurrency you would like to convert from. For example, https://www.coinbase.com/price/bitcoin
- There will be a panel with the option to convert one cryptocurrency to another
- Enter the fiat amount of cryptocurrency you would like to convert from in terms of your native fiat currency. For example, $10 worth of BTC to convert into XRP
- Select Preview Conversion to see the amount of XRP you would convert from BTC
- If you do not have enough crypto to complete the transaction, you will be prompted to buy some
- Confirm the conversion transaction
Please see the Locations and trading pairs help article for all crypto-to-crypto trading pairs.
Please note, Coinbase charges a spread margin of up to two percent (2.00%) for Digital Currency Conversions. The actual spread margin charged varies due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. We do not charge a separate Coinbase Fee for Digital Currency Conversions.
Coinbase Exchange Faqs
To see availability depending on country and cryptocurrency type, please see Supported cryptocurrencies.