Coinbase customers who have performed transactions for more than $ 20,000 for the year will pay taxes
January 31, the US Tax Service issued special receipts, they were handed over to the Coinbase exchange, and its representatives, in turn, to their clients.
To pay taxes by preliminary submitting their data to the Tax Authority, users of the specified exchange will need to pay if they made over 200 remittances in a year or if the total amount of transfers exceeded $ 20,000. This will affect not only ordinary but business accounts, from which users pay for purchases of services and goods. The payment of taxes this year will also affect all users of the GDAX exchange.
Of course, this event could not be happily met by crypto community. Users began to resent the actions of Coinbase – they were allegedly not warned that it would be necessary to pay taxes, as well as the “threshold” from which the taxation of crypto-currencies starts begins, according to users, too low ($ 20,000 or 200 transactions).
Recall that at the end of last year, Coinbase lost a lawsuit with the US Internal Revenue Service. The latter required the exchange to provide all data about its nearly 15 thousand users. However, the San Francisco court satisfied the tax requirements in part. Namely, the exchange will only provide data to those users who made more than 200 transactions a year between 2013 and 2015, or their amount exceeded $ 20,000.
Despite the fact that nominally Coinbase lost, the representatives of the exchange consider this still a victory, as they were able to defend a large number of private information about their users. This was achieved during the litigation, which lasted almost a year.