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Coinbase Scraps Bitcoin Tax Form That Led Users to Overpay

Coinbase Scraps Bitcoin Tax Form That Led Users to Overpay
Cryptocurrency exchange Coinbase will issue a new tax form to replace one that caused some people to overpay on their Bitcoin and crypto taxes. But just like the old form, the new one is of limited use to taxpayers, a crypto tax expert told Decrypt .
As spotted by Shehan Chandrasekera , head of tax strategy at crypto tax firm CoinTracker , Coinbase updated a help page to inform customers that it is abandoning its old tax form that provided customers with total proceeds of trades executed on the platform in favor of one that only includes information about money earned from Coinbase’s interest-bearing products.

BREAKING:
1/ Next year, Coinbase is planning to issue a new crypto tax form (1099-MISC) and abandon the old Form 1099-K which created a tax nightmare for many taxpayers. https://t.co/ZKUB6kGbdX pic.twitter.com/ujRg6KwTB5
— Shehan Chandrasekera, CPA 
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