Coinbase sends 1099 Misc to all in 2024

[NatureMoves]

I saw a YouTube video by ClearValue Tax and he said that Coinbase will send EVERYONE a 1099 misc even those who sold their crypto. I thought this was only sent to those who earned rewards for staking? Did Coinbase change some things for 2024?
This is the video I saw by the way:
https://www.youtube.com/watch?v=LxvO9vAFdM0

[Darker45]

I didn't click on the link, but what's Misc? Is it an airdrop? Is it a token or an NFT?

Anyway, why would you get information about something on Coinbase from an unknown YouTube creator and not from Coinbase itself? Did Coinbase not announce it? Why don't you verify it from Coinbase itself? You can chat their support, DM their Twitter account, and so on.

Countless have fallen victim to various scams because they rely on third parties, got false information.

[SFR10]

and he said that Coinbase will send EVERYONE a 1099 misc even those who sold their crypto. I thought this was only sent to those who earned rewards for staking? Did Coinbase change some things for 2024?

I'm not a Coinbase user so I know nothing about their previous state, but from what I've read on their help center, the IRS Form 1099-MISC is ONLY issued to those who earned more than $600 in miscellaneous income while being from the US and apart from the staking rewards, other kinds of rewards ^{[e.g. USDC, learning and wallet quest]} also contribute towards the $600 threshold ^[source].

[logfiles]

I didn't click on the link, but what's Misc? Is it an airdrop? Is it a token or an NFT?

Hahaha, that's why it's good to check out the link so that you can get a proper context and opinion about something. Form 1099-MISc is some sort of form by Internal Revenue Service that is used to report miscellaneous income types to the Revenue service.

Anyway, why would you get information about something on Coinbase from an unknown YouTube creator and not from Coinbase itself? Did Coinbase not announce it? Why don't you verify it from Coinbase itself? You can chat their support, DM their Twitter account, and so on.

Countless have fallen victim to various scams because they rely on third parties, got false information.

The guy is just giving information/guiding about how people can file for crypto tax in the US given the new changes that are going to be put in place. Not trying to scam anyone.

[examplens]

and he said that Coinbase will send EVERYONE a 1099 misc even those who sold their crypto. I thought this was only sent to those who earned rewards for staking? Did Coinbase change some things for 2024?

I'm not a Coinbase user so I know nothing about their previous state, but from what I've read on their help center, the IRS Form 1099-MISC is ONLY issued to those who earned more than $600 in miscellaneous income while being from the US and apart from the staking rewards, other kinds of rewards ^{[e.g. USDC, learning and wallet quest]} also contribute towards the $600 threshold ^[source].

They say "EVERYONE", but it's actually quite restrictive. 
They could have added more specific requirements. For example, an eligible Coinbase account holder must be between 27 and 28 years old, no shorter than 188cm and no taller than 190cm.

[Darker45]

I didn't click on the link, but what's Misc? Is it an airdrop? Is it a token or an NFT?

Hahaha, that's why it's good to check out the link so that you can get a proper context and opinion about something. Form 1099-MISc is some sort of form by Internal Revenue Service that is used to report miscellaneous income types to the Revenue service.

Oh, I'm sorry! I'm far far out of context indeed. Thanks for pointing that out. I'm not familiar with that tax form. I guess there's no such form from where I am. Also, I'm avoiding clicking on links, especially coming from users who haven't yet established their reputation here. You know, many are posting links for the sake of traffic, views, promotion of their own channel, even phishing, and whatnot.

My apologies, OP, for the off-topic.

[NatureMoves]

Tried to chat with Coinbase about it but wait time was 1 hour