What is a 1099-B from a cryptocurrency exchange?

Like other 1099 forms, Form 1099-B is issued to taxpayers and to the IRS. Stockbrokers like Robinhood and eTrade typically send out 1099-Bs for your stock trading activity at the end of the year. At this time, cryptocurrency exchanges are not required to send 1099-Bs to customers. Did You Receive A 1099 From Your Crypto Exchange?

Is there a 1099-K form for crypto?

This is why there are many 1099 forms available - but none of them are specifically designed for crypto tax reporting. The IRS eventually advised crypto exchanges to issue 1099-K forms to users trading over a certain volume in 2018. As a result, Coinbase and other large exchanges began by issuing 1099-K forms.

What is a 1099-B form?

In most cases, a 1099-B form provides information about securities or property involved in a transaction handled by a broker.

Why does my 1099-B form contain incomplete/inaccurate information?

This means that 1099-B forms issued by crypto exchanges may contain incomplete/inaccurate information. For example, consider the scenario pictured below. In this example, David should have $0 of capital gain. However, because Gemini does not have information about David’s cost basis, it will likely report the transaction on a 1099-B as follows: