Coinbase did not supply a 1099 to Cointracker

Is This normal?, Cointracker did receive 2021Tax Information to generate 8949’s and a Schedule D but no 1099. My accountant seems to think I should have received it. My Rewards interest was under $600.
Can you please clarify, or RSVP with any possible answer.

Coinbase only issues a 1099-MISC and this is only going to record your Coinbase Earn, USDC Rewards, and/or staking in 2021. So basically all the income from interest. Coinbase does not and will not provide a Form 1099-K or 1099-B for the 2021 Tax Season for trades on Coinbase. So you are on your own to download all the trade history and calculate your capital gains from Coinbase. You will use the trade history to create your own 8949 that you then put on a 1099-B for your taxes.
https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/do-I-qualify-for-coinbase-tax-forms

Basically, you have 3 options:
Option 1: self file with a Turbotax or TaxAct etc. these software’s usually have an option to import a limited number of crypto transactions and work best if you used one or two exchanges and did less than 1000 transactions.

Option 2: File With Your Existing Accountant/CPA this option usually requires you to complete and provided an already filled out 8949 to your CPA for them to file your taxes. For this you will usually need to pay À la carte or separately for a program to parse through your exchange transaction history and generate an 8949 for your CPA, so you would use a service like cointracker.io, taxbit, bitcoin.tax etc. to generate a 8949 that you then give your Accountant/CPA. This is slightly more expensive than option 1.

Option 3: File With a Crypto specialized Accountant/CPA, this would be by far the most expensive option and run $2000-$5000. It would also be the most convenient as you don’t have to pay for a program to generate an 8949. You can just provide a .csv with all your crypto transaction history and this CPA will create the 8949 from it. Unfortunately, it only seems that Crypto specialized CPAs do this and a regular CPA doesn’t seem to.

1 Like