Coinbase, a commonly-used platform on which virtual currency, or “cryptocurrency,” transactions take place has simplified the way in which taxpayers can provide information to their accountants for the 2021 tax year.

To provide your tax accountant with the information needed to prepare your tax return, please follow one of the two methods below:

From a Web Browser:

1) Log into your account

2) Click on the grey and white circular icon on the top right of the screen

3) From the drop-down menu, click Taxes

4) Once logged in to Coinbase Account, you will see a summary of your Realized Gain or Loss, and a summary of Miscellaneous Income. This screen should be printed and provided to your accountant.

5) Next, click on Documents. If you have any tax forms required to be issued by Coinbase per the IRS, they will be listed here. Please save these documents and provide them to your accountant. Note: Documents required to be filed by Coinbase per the IRS will not be available until February 1, 2022.

6) Next, click on Activity. Scroll to the bottom of the screen and click Load More until all of your 2021 transactions are listed. Print this page and provide this to your accountant.

From the Coinbase app:

1) Log into your account

2) Click on the three lines to the top left

3) Click Profile & Settings

4) Under Account, click Taxes

5) From here, you will see a summary of your Realized Gain or Loss, and a summary of Miscellaneous Income. This screen should be printed and provided to your accountant.

6) Next, click on Documents. If you have any tax forms required to be issued by Coinbase per the IRS, they will be listed here. Please save these documents and provide them to your accountant. Note: Documents required to be filed by Coinbase per the IRS will not be available until February 1, 2022.

7) Next, click on Activity. Scroll to the bottom of the screen and click Load More until all of your 2021 transactions are listed. Print this page and provide this to your accountant.

If you have questions or would like further information as to how cryptocurrency transactions can impact your taxes, Neitzel Luke & Salopek Inc. is here to help. We can be reached at (440) 835-1040 or email us at LParente@nlacpas.com to get into touch.