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1099k from coinbase

Level 1

Can anyone help? I received a letter from the IRS that coinbase, in 2018, reported over a million dollars worth of transaction on a 1099k of which I know nothing about. The IRS claims that I owe 305,000 in taxes. I disputed it and sent emails to coinbase with no luck, they don't return my emails. I have a coinbase account and downloaded all the transactions I ever made but other than that I'm freaking out about what to do. Anyone ever heard of this happening or have any suggestions as what I should do?

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2 Comments 2
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.


Level 15
Level 15

You need representation.  Use this IRS website and find a CPA or EA in your area to help you clean this up.