Coinbase Exchange Faq

Exchange

What’s the difference between the Coinbase app and the Coinbase Wallet app?

The Coinbase app (available on iOS and Android) is the company's product for individuals looking to buy or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies. You can safely store crypto on Coinbase so you don’t have to worry about managing your own private keys. Coinbase.com and the mobile apps are available in more than 100 countries.

The Coinbase Wallet app is a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser. You do not need a Coinbase account to use the Coinbase Wallet app. Coinbase Wallet helps users manage their own private keys and store their crypto assets directly on their devices, not with a centralized brokerage or exchange. You cannot connect Coinbase Wallet to your bank account to buy or sell cryptocurrencies with US Dollars or other fiat currencies. You can download and use Coinbase Wallet anywhere in the world.

In this new Coinbase review for 2021, we cover everything you need to know about Coinbase’s flagship exchange (Coinbase.com). Coinbase allows its users to buy and sell a variety of cryptocurrencies including Bitcoin, Ethereum, Litecoin, EOS, Tezos, Stellar Lumens, Bitcoin Cash, and many others. If you sent Bitcoin off of Coinbase before the fork, you will not receive Bitcoin Cash from Coinbase. If you sent to another exchange and did not receive your BCH, please contact their support team. Can I send BCH to Coinbase? You can send BCH to and from Coinbase the same way you send all other assets on the platform.

For the 2020 US tax season, Coinbase will issue the IRS Form 1099-MISC for rewards and/or fees through Coinbase.com, Coinbase Pro, and Coinbase Prime.

Non-US customers will not receive any forms from Coinbase and must utilize their transaction history to fulfil their local tax obligations.

What are my crypto tax obligations for the 2020 tax year?

If you have sold or converted crypto in the year 2020 and are subject to US taxes, you are required to report your gains/losses to the IRS.

To learn more about how US taxes and crypto work, please visit: http://coinbase.com/bitcoin-taxes.

Where can I download my transaction history?

You can download your transaction history in the reports tab for your Coinbase.com transactions and the statements section of Pro to download Pro transactions.

To calculate your gains/losses for the year and to establish a cost basis for your transactions, we recommend connecting your account to CoinTracker. Click here for more information.

1099-MISC for rewards and/or fees

You may receive a 1099-MISC if:

  • You are a Coinbase customer AND
  • You are a US person for tax purposes AND
  • You have earned $600 or more in rewards or fees from Coinbase Earn, USDC Rewards, and/or Staking in 2020.

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Does Coinbase provide 1099-Ks?

As of the 2020 tax year, we will not be issuing Form 1099-Ks for trades on Coinbase.

Does Coinbase provide 1099-Bs?

We do not issue Form 1099-Bs.

International Customers

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At this time, we do not provide tax forms for international customers. Please utilize your transaction history to fulfil any local tax filing obligations.

What is a B-Notice and why did I receive one from the IRS?

You may receive an IRS B-Notice if there are any discrepancies with your tax identification number (TIN) and legal name used by Coinbase to file Forms 1099 with the IRS. The B-Notice will:

  • Prescribe what information is needed to resolve the B-Notice

  • Inform you if you are required to provide any additional information beyond updating or correcting your name or TIN

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To correct your TIN and/or name, please contact Coinbase Support. For more information about the IRS B-Notice, please go here.

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Are my crypto donations tax deductible?

Charitable contributions of cryptocurrency may be tax deductible. Please consult your tax advisor regarding your personal tax circumstances.

Where can I donate cryptocurrency?

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GiveCrypto is a nonprofit that distributes cryptocurrency to people living in poverty by connecting them to an open financial system.