Quote from: vapourminer on Today at 07:44:34 PM

Quote from: Biodom on Today at 06:12:49 PM

Got email from Coinbase saying that "if you sent your bitcoin for them to sell, then they would produce tax documents for you where they would be indicating the "base/cost" as ZERO", with a lame excuse of not knowing what it cost you (instead of indicating the value of bitcoin when they GOT IT).

For 2022 it is still not covered by automatic reporting (like stocks), but if next year they will start...and that was in some of laws that already passed, and then many of us would have huge problems, potentially, as they will report your sale price and your imaginary "cost" at ZERO to the three letter dudes.

since i send in a form 8949 with all cost basis and sells why would that matter? i assume coinbase has always sent all data they have already whether they admit or not.

Yes, and this is how it was with stocks before too: brokerage sent you your sells info, and then you filled the cost of stocks yourself, as you and myself still do on 8949, but NOW they are trying to implement the automatic" system (similar to the one current giving you the bottom line of all your stock trades) where they will send both sells and costs, theoretically, but they have no clue about the cost, so they SAY that they will send you ZEROES as costs, which you would have to modify by yourself manually, increasing the probability of an audit. Of course, if you have all the docs, then audit is just a technicality, but it would still consume some time, right?

TL;DR It is one thing to NOT get a form (as of now where you fill 8949 manually) and another is to get an ERRONEOUS form and then "modify" it. The difference is glaring (to me).