Topic: Does Bittrex, Coinbase/Gdax, Gemini report to the IRS? - page 2. (Read 2623 times)
Can someone here tell me if they do or not? Want to make sure of this before i do trading.
Someone a while back told me they used coinbase and did some trading but they got either a 1099 or w2 for like 100k when his profit was around 20k. He said coinbase counted transfer from his wallet to coinbase and vice versa as income. He said he had to contact coinbase on this issue.
Does anyone know if coinbase, gdax, bittrex and those exchanges report to the IRS? I recall it was mentioned you needed to have 20k in transactions minimum and also believe it needed to be at least 100 transaction... i believe it has to fit both criteria in order to receive a 1099 from coinbase. Does anyone know if this is true or not? And does that apply to now? The thing is if you are cashing out a lot of money from btc, well say you did 30k in cashouts. The thing though is your profit could only be 5k for example or even 1k etc. If thats the case, would coinbase or those exchange send you a 1099 or report to the IRS that you made 30k in cashout to your bank account? Because it seem like if thats the case, everyones 1099 would be incorrect since ppl buy bitcoin or get bitcoin and then sell it?
Also can someone here confirm coinbase is the same as gdax? Or is it a bit different? Does anyone know about gemini and bittrex? I am planning to trade altcoins on bittrex and then cashout any profit i have if any using gemini to my bank account. Thus if it show that im transferring btc from bittrex with other altcoins, would they send that to the IRS? The thing is if you record your profit/losses correctly... isn't there still an issue because the 1099 or whatnot from them will show your total cashouts as oppose to your actual profit? Because i know if you get any w2 from the casino etc... that is what you need to put down and if its not the same number as your w2s or 1099s, then well you will get looked at and need to explain why the numbers are different. But would this issue arise when trading altcoins and bitcoin etc on bittrex and then cashing out to bank account with gdax or gemini? Because imagine you have a few thousand in profit only. But you cashed out like mid 5 figures to your bank account. But you do a lot of buy and sells. Would there be issues with this since they might look at your total cashouts as your profit?
I would like to know from people who used bittrex, coinbase/gdax and gemini on this issue. Have you ever received any documents from them? And if so, did you traded a lot in terms of money? I assume people that do a few transactions for tiny amounts probably do not get any of this?
Thanks.
Does anyone know if coinbase, gdax, bittrex and those exchanges report to the IRS? I recall it was mentioned you needed to have 20k in transactions minimum and also believe it needed to be at least 100 transaction... i believe it has to fit both criteria in order to receive a 1099 from coinbase. Does anyone know if this is true or not? And does that apply to now? The thing is if you are cashing out a lot of money from btc, well say you did 30k in cashouts. The thing though is your profit could only be 5k for example or even 1k etc. If thats the case, would coinbase or those exchange send you a 1099 or report to the IRS that you made 30k in cashout to your bank account? Because it seem like if thats the case, everyones 1099 would be incorrect since ppl buy bitcoin or get bitcoin and then sell it?
Also can someone here confirm coinbase is the same as gdax? Or is it a bit different? Does anyone know about gemini and bittrex? I am planning to trade altcoins on bittrex and then cashout any profit i have if any using gemini to my bank account. Thus if it show that im transferring btc from bittrex with other altcoins, would they send that to the IRS? The thing is if you record your profit/losses correctly... isn't there still an issue because the 1099 or whatnot from them will show your total cashouts as oppose to your actual profit? Because i know if you get any w2 from the casino etc... that is what you need to put down and if its not the same number as your w2s or 1099s, then well you will get looked at and need to explain why the numbers are different. But would this issue arise when trading altcoins and bitcoin etc on bittrex and then cashing out to bank account with gdax or gemini? Because imagine you have a few thousand in profit only. But you cashed out like mid 5 figures to your bank account. But you do a lot of buy and sells. Would there be issues with this since they might look at your total cashouts as your profit?
I would like to know from people who used bittrex, coinbase/gdax and gemini on this issue. Have you ever received any documents from them? And if so, did you traded a lot in terms of money? I assume people that do a few transactions for tiny amounts probably do not get any of this?
Thanks.
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