1099 k coinbase is completely inaccurate

I received a 1099k for 900k. I almost passed out. I am freaking out because I am not crypto baller. Far from it. I wasn’t even supposed to receive a 1099. I called them they asked me to send an email. The response I received was not helpful at all. Anyone have any suggestions?

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yes export or download all your transactions and work with an accountant.

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I had a few transactions early in the year and they kind of skipped my mind until I saw your note.

I agree with Nekko – download and then anaylze.

Some of the volume may come from any transfers you may have made to other exchanges. Generally that is counted in the “proceeds” box. That may inflate things significantly.

Let me know if you have any other questions.

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Also got this form from Coinbase. The amount is x10 more than I “invested”. Called their hot line - 18003435845 - “this number is no longer in service” no wander, all of US & A calling :joy:

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I RECEIVED A 1099 -K FROM COINBASE, SAYING I HAVE MADE $ 4,000.000.00 IN TRANSACTIONS , VERY FAR FROM REALITY. I TRIED TO Communicate WITH COINBASE AND THEY DON’T HAVE A NUMBER WERE TO CALL. I SENT AN EMAIL AND THEIR RESPONSE WAS VERY AMBIGUOUS, SAYING PRACTICALLY NOTHING IN REFERENCE TO MY CONCERNS. THEY JUST EXPLAINED THE WAY THEY ARE DOING IT! I CALLED IRS AND THEY DON’T HAVE A CLUE, NON OF THE DEPARTMENTS KNOW ANYTHING ABOUT CRYPTOCURRENCIES OR WHAT TO DO IN THIS CASE! WHAT ARE WE GOING TO DO? I AM ABOUT TO HAVE A BREAK DOWN! THIS STRESS IS NOT WORTHY. I REGRET I HAVE INVESTED IN CRYPTOCOINS. THIS YEAR I HAVE LOST A LOT OF MONEY AND ACCORDING TO THE 1099-K, I AM RICH. OMG, I DON’T KNOW WHAT TO DO. PLEASE HELP!!!

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Yep,I see on mine it says I put in 250K which is absurd!

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use cointracking.info and use api transfers for all your transactions on coinbase and coinbasepro.
cointracking.info generates tax report or .csv file you can use for your cpa or file it yourself.

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I RECEIVED A 1099 -K FROM COINBASE, SAYING I HAVE MADE $ 4,000.000.00 IN TRANSACTIONS , VERY FAR FROM REALITY. I TRIED TO Communicate WITH COINBASE AND THEY DON’T HAVE A NUMBER WERE TO CALL. I SENT AN EMAIL AND THEIR RESPONSE WAS VERY AMBIGUOUS, SAYING PRACTICALLY NOTHING IN REFERENCE TO MY CONCERNS. THEY JUST EXPLAINED THE WAY THEY ARE DOING IT! I CALLED IRS AND THEY DON’T HAVE A CLUE, NON OF THE DEPARTMENTS KNOW ANYTHING ABOUT CRYPTOCURRENCIES OR WHAT TO DO IN THIS CASE! WHAT ARE WE GOING TO DO? I AM ABOUT TO HAVE A BREAK DOWN! THIS STRESS IS NOT WORTHY. I REGRET I HAVE INVESTED IN CRYPTOCOINS. THIS YEAR I HAVE LOST A LOT OF MONEY AND ACCORDING TO THE 1099-K, I AM RICH. OMG, I DON’T KNOW WHAT TO DO. PLEASE HELP!!!

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No need to panic this much. Just file your taxes for what you know is accurate and if you’re audited they’ll realize this was an issue with Coinbase’s 1099.

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Hey Guys i checked alot of trade transaction are not made by me in pro coinbase and i need to file Tax and i fond there are some perosnal information which doesnt belongs to me,. I dnt know what to do please Help me. My account has second authentcation as well.

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Correct me if I’m wrong, but as long as one does not sell, there is no taxable event to report.
Ive been buying a lot more frequently this year, and transfer my coins to cold storage.

Am I correct in this thinking?

No you still owe on your losses or gains at the end of the year.

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