USDC tax in coinbase
I have a side gig and get compensation in USDC via coinbase. But based on coinbase tax , I don’t need to pay tax as I didn’t trade anything. Apparently I need to report this income. I do tax on my own , so I wonder how should I do that? Should I convert it into $ and add as additional income? Or what? Thanks! #blockchain #crypto #tax
Oracle cmjoy Apr 7, 2022
Who is paying you this USDC? They would given you a 1099 or W2. The receiving bank or broker doesn’t report it. If you didn’t get a 1099 or W2 , you still need to report the income but you still need the payers SSN or EIN. Not sure if there’s a limit or way to report without payer/employers SSN/EIN
Same rules apply as getting compensation in stocks.
But for stock, the platform provide 1099 form, right? Coinbase doesn’t provide that as I did no trade so no gain report. So strange.
They have some tax platform that keeps track of money coming in