Are Coinbase trades shared with the IRS for tax purposes?

3 answers

• Meredith GallowayJun 23, 2022 · 3 years ago
  Yes, Coinbase trades need to be reported to the IRS for tax purposes. The IRS considers cryptocurrencies as property, and any gains or losses from cryptocurrency transactions are subject to taxation. Coinbase is required to provide transaction information to the IRS, including the user's name, address, and transaction details. This information is used by the IRS to ensure compliance with tax laws.
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• doreyNarJul 09, 2020 · 5 years ago
  Absolutely! The IRS is very interested in cryptocurrency transactions, and Coinbase is no exception. When you buy or sell cryptocurrencies on Coinbase, the platform keeps a record of your transactions. Coinbase is required to report this information to the IRS, so it's important to accurately report your cryptocurrency gains and losses on your tax return. Remember, failing to report your cryptocurrency transactions can result in penalties and fines from the IRS.
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• donnadmclarOct 09, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can confirm that Coinbase trades are indeed shared with the IRS for tax purposes. The IRS has been cracking down on unreported cryptocurrency transactions, and Coinbase is one of the main targets. Coinbase is legally obligated to provide transaction information to the IRS, so it's crucial to accurately report your cryptocurrency activities on your tax return. If you're unsure about how to do this, consult with a tax professional who specializes in cryptocurrency taxation.
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