Coinbase sends IRS tax returns 1099-K to U.S. customers

nRunaway Commentary: At the request of the IRS, Coinbase, the cryptocurrency exchange in the United States, has sent 1099-K tax returns to its clients and tax-deductible for those customers who exceed the quota by encrypting the currency. Including the transaction received more than 200 pen, received more than 20,000 US dollars throughout the year. There are also specific terms for merchants offering services and products, which of course are unpleasant to users caught off guard. However, since the IRS started to implement the relevant laws and regulations last year, the exchange only had to implement the requirements.n
nTranslation: Annie_Xun
IRS tax reformn
Coinbase, the San Francisco-based cryptocurrency exchange, sent 1099-K tax returns to some of its customers on January 31, explaining that those who received 1099-K were those whose cash receipts were above the reporting threshold, including more than 200 transactions received , Received more than 20,000 US dollars throughout the year.n

Also included are “business” accounts, as well as GALX accounts where the cash generated from the sale of cryptocurrencies exceeds the limit.n
Commercial use only refers to the revenue or transfer of mining proceeds earned on goods or services other than the other purses they hold. Coinbase said, “We use the best available data to determine whether your account activity meets commercial criteria, including but not limited to the integrity of your business profile or business tools,” similar to the Etsy sellers who also submit 1099-K tax returns and Uber drivers.n
what can you do n
Coinbase customers have complained about this move in the Encrypted Monetary Community Network forum or social media. In addition to being unhappy with the need to declare IRS (IRS), people also complain that the main reason is that the tax amount is higher than expected without prior notice.n

If you believe that Coinbase has mistyped your return, you can send the wrongly calculated transaction information through your customer service email and you can consult a tax specialist.n
It is no surprise that Coinbase wants to avoid the IRS bringing more problems to itself. In November last year the court ruled that the company had to submit personal data of 14,355 account holders. As of 2013-15, the trading volume of this part of the account has exceeded Twenty thousand dollarsn

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