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25 January 2021

Outdated Tax Form Costs Crypto Traders Thousands | Crypto Briefing

Outdated Tax Form Costs Crypto Traders Thousands | Crypto Briefing


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Outdated Tax Form Costs Crypto Traders Thousands.

In 2018, exchanges like Coinbase issued1099-Kforms for users who had more than $20,000 in traded volume and over 200 transactions.The problem with the 1099-K form is that it does not show a trader’s gains or losses.

The Form 1099-K reports a user’s total aggregate volume of payment transactions and does not take into account cost basis, as such does not accurately represent what you might owe in taxes,”Justin Woodward, Crypto Tax Attorney at TaxBit.

Crypto taxation experts have explained the Form 1099-K was not designed for digital asset transactions and should not have been used by crypto exchanges in the first place. 

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