anybody else get a totally whack 1099-K from Coinbase?
these numbers are absurd
these numbers are absurd
1099-K is not a form that most individuals have ever seen. It is for reporting non-cash money flows - typically used to track credit card receipts for retailers and such. Why Coinbase thinks this is an appropriate filing for individuals is a mystery.
I've not yet looked at mine this year. Last year's was yuuuge. But it did not tabulate any sort of profit, but rather sheer volume of transactions. I filed based on my own tabulation of capital gains, which was a scant fraction of the flows shown on the 1099-K. I have not (as of yet, anyway) been audited for 2017.
So the figures you are seeing on your 1099-K are likely not absurd. Probably correct, just irrelevant.
