▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
So why did Coinbase stop using Form 1099-K to report the sales transactions?
Congress passed the Infrastructure Investment & Jobs Act back in November 2021. In the bill, they added new reporting requirements for cryptocurrency transactions.
Starting in 2024, crypto brokers like Coinbase will need to file Form 1099-B to report the trades made within your Crypto accounts. Businesses will also need to file a Form 8300 if they receive any cryptocurrency payments in excess of $10,000.
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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.
▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
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