My client only has deposits, matches and fees on his coinbase pro statement. Do I need to report anything?

Forum|Forum|4 years ago
April 3, 2022
2 replies
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ProSeries Basic

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IRonMaN

Level 15

If he has no income being generated, no there isn't any need to report anything other than checking the "yes" box that he is another client planning on getting rich on crypto currency 🙁

Slava Ukraini!

Lord Happy

Level 5

Happy day Patti...I have one of these as well. The client sent a 1099 from Coinbase with literally nothing on it, and I am thinking that Coinbase Pro may have a different 1099.

When you look at the csv file, the pattern is match match fee, match match fee. The first match is USD and the 2nd is the coin. If it is a stable coin, such as Tether, then its dollar for dollar, so no gain or loss. What I noticed is that the magic is with the matching, and depending on whether its a positive or negative number determines the gain or loss. *I think.*

I have not yet dropped a spreadsheet into bitcoin.tax for this to see how that works, but that's my plan.

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