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If you are a US taxpayer, and have transacted on CoinList in 2020, you are required to report gains/losses to the IRS. Please review the information below to understand tax forms that may be issued to you. CoinList does not provide tax advice and the information presented is intended to be a helpful guide only.


Will CoinList provide me with a 1099-MISC?

CoinList will provide you with a Form 1099-MISC. This form reports to you and the IRS any income generated from activities such as airdrops, staking, referrals, etc. in excess of $600.


Will CoinList provide me with a 1099-B?

CoinList will also provide you with a Form 1099-B. This form reports to you all taxable cryptocurrency transactions (for example, sell for fiat or crypto-for-crypto trade) and corresponding proceeds, cost basis where available, and resulting gain/(loss) information for each taxable transaction. More information on cryptocurrency transactions can be found here


Where can I find my tax forms?

Log into your CoinList account, navigate to Account > Tax Documents:



Click the link to download your document:



If you do not have any documents available, you will see the following message:



What is the US tax form 1099-MISC and what do I do with it?

For U.S. taxpayers, the IRS requires companies that make certain types of payments to provide the recipient of such payments and the IRS with a 1099-MISC. This form provides information for a wide range of income payments such as crypto interest, referral bonuses, and other income.

  • For US clients, if you’ve earned $600 or more this year in crypto interest and bonuses, the 1099-MISC form will be made available to you by January 31, 2021.
  • U.S. taxpayers will need to report this income within their tax filing.

 

What is the US tax form 1099-B and what do I do with it?

The US tax form 1099-B provides transactional information detailing capital gains and losses from disposing of capital assets. At this time, cryptocurrency is classified and treated as property. 

 

When you sell something for more than it cost you to acquire it, the profit is a capital gain and may be taxable. On the other hand, if you sell something for less than you paid for it, then you may have a capital loss and a reduction of your taxable capital gains or other income is possible. 

  • The transactional details found on your 1099-B are used to fill out your IRS 8949. 
  • A summary of the capital gains or losses from these transactions are reported on Form 1040 (Schedule D) of your tax return.


Your CoinList Form 1099-B will detail each asset you sold throughout the year with CoinList and  report your cost basis, when available, for the assets you bought and sold on the platform. 


What is US tax form 8949?

The IRS requires that details of cryptocurrency transactions that qualify as a gain or loss to be reported on Form 8949, “Sales and Other Dispositions of Capital Assets”.

 

How do I complete form 8949 using the form 1099-B?

Refer to our guide here.


Who is TaxBit and how can they simplify Form 8949?

If you are interested in assistance with the forms described above, TaxBit and CoinList have joined forces to streamline the process of generating Form 8949. TaxBit will automate the process and provide a single aggregated view of all your CoinList cryptocurrency transactions and balances in one place.

 

The completed forms including synced transactions will be available for download through TaxBit and can be used when filing your tax return. Built by CPAs, tax attorneys and developers, TaxBit calculates the cost basis and corresponding gains or losses on every transaction. A full-audit trail will be provided so that users, accountants, and auditors can drill down into any transaction to see exactly how the gain or loss was calculated. TaxBit will not file your tax return for you. Please consult with your tax advisor. Learn more about TaxBit.


CoinList does not provide tax advice and the information presented is not intended to be relied upon as advice concerning the appropriate treatment or possible tax consequences of any transaction. Please consult with your tax advisor. This article contains references to information obtained from third-party content providers (content hosted on sites unaffiliated with CoinList). As such, CoinList makes no representations whatsoever regarding any information obtained from third parties that may be referenced directly or indirectly in this article.