Does Coinbase automatically report transactions to the IRS in 2024?

3 answers

• Mar 25, 2022 · 3 years ago
  Yes, starting from 2024, Coinbase will automatically report transactions to the IRS. This is part of the effort to ensure tax compliance in the cryptocurrency industry. It will apply to all types of transactions, including buying, selling, and transferring cryptocurrencies. Traders should be aware of their tax obligations and report their transactions accurately to avoid any penalties or legal issues. It is recommended to consult with a tax professional for guidance on how to properly report cryptocurrency transactions.
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• Mar 25, 2022 · 3 years ago
  Absolutely! Coinbase has announced that they will be automatically reporting transactions to the IRS in 2024. This means that cryptocurrency traders will need to be extra careful when it comes to their tax obligations. Failure to report transactions to the IRS can result in penalties and legal consequences. It's important for traders to keep accurate records of their transactions and consult with a tax advisor to ensure compliance with tax laws.
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• Mar 25, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi does not have direct information on Coinbase's reporting practices to the IRS. However, it is common for exchanges to comply with tax regulations and report transactions to the relevant authorities. Traders should assume that Coinbase will indeed report transactions to the IRS in 2024. It is crucial for cryptocurrency traders to understand their tax obligations and ensure accurate reporting to avoid any potential issues with the IRS.
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