Coinbase Ditches 1099-K Form For Next Year

Law360 (November 24, 2020, 7:17 PM EST) -- Coinbase Inc., which is a virtual currency exchange, will not provide Forms 1099-K to its U.S.-based customers next year, the company said in updated guidance published Tuesday. 

The Coinbase decision to no longer provide Form 1099-K for its U.S. customers is a departure from previous practice. (AP Photo/Rick Bowmer, File) Coinbase will provide Form 1099-MISC to customers who meet certain criteria, the company said, but will no longer provide Form 1099-K, which is a departure from previous practice. 

"For the 2020 U.S. tax season, Coinbase will only issue the IRS Form 1099-MISC for eligible Coinbase.com, Coinbase Pro and Coinbase Prime customers,"...

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