Six people are going up against the Treasury Department. Two stories that seem to be different. One very scary example. It all has to do with privacy.
In this edition of CryptoSlate Wrapped Daily, Voyager receives bids from 22 parties interested in purchasing its assets, Algorand upgrades its network mainnet to increase transaction capacity, and much more.
According to a class action lawsuit filed in a Georgia court, the cryptocurrency exchange failed to protect consumers' accounts against theft and hacks, and it is suing for up to $5 million in damages.
Yes, Coinbase does report your crypto activity to the IRS if you meet certain criteria. It’s very important to note that even if you do not receive a 1099, you are still required to report all of your cryptocurrency income on your taxes.
Coinbase uses a FIFO (first in, first out) method for your Cost Basis tax report. They will give you a summary of all your crypto purchases and sales along with the cost basis and capital gains. An Example of FIFO Cost Basis Calculation. Full video here
My lender asked for a monthly account statement -- same as you would get from your bank, or Paypal, Robinhood, or any other major business that handles money. In other words -- not a spreadsheet report. I contacted support, and Coinbase says they can't provide this. That means I can't use any of the funds I received from them as a down payment.
Coinbase Tax Resource Center. 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.
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