Cryptocurrency Q&A
Can the IRS see my Coinbase wallet?
Can the IRS see my Coinbase wallet?
AmethystEcho
Fri Aug 23 2024
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7 answers
1373
Could you please clarify whether the Internal Revenue Service (IRS) has the capability to access and view the transactions or balances in a personal Coinbase wallet? Is there any specific law or regulation that authorizes them to do so? And if so, under what circumstances might the IRS request access to a Coinbase wallet? Additionally, are there any steps that individuals can take to ensure their privacy and security when using a Coinbase wallet?
7 answers
Maria
Sun Aug 25 2024
As part of these efforts, Coinbase may report relevant information to the Internal Revenue Service (IRS) in the United States.
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CryptoDynastyLord
Sun Aug 25 2024
It's crucial to note that this reporting by Coinbase does not negate the individual taxpayer's obligation to declare their cryptocurrency transactions.
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BenjaminMoore
Sun Aug 25 2024
Taxpayers are solely responsible for ensuring that all their crypto-related activities are accurately reflected in their tax returns.
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BlockchainWizard
Sun Aug 25 2024
Coinbase's IRS reporting can encompass the issuance of Form 1099-MISC to US traders who earn over $600 from cryptocurrency rewards or staking activities within a fiscal year.
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Silvia
Sun Aug 25 2024
Coinbase, a renowned cryptocurrency platform, has established protocols for complying with tax regulations in certain scenarios.
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