Bitcoin Forum
December 09, 2019, 03:31:50 PM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Coinbase Sends Form W-9 to send Form 1099-K if 200+ Transactions Are $20K+ HELP!  (Read 58 times)
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 08:05:37 AM
 #1

Hi Please can someone help,

Im new to bitcoin, and tbh its a hobbie but ive had the following asked by coinbase to fill in the form below.

Coinbase Sends Form W-9 to send Form 1099-K if 200+ Transactions Are $20K+

Ive only ever Deposited £2895 and have made a loss trading leaving me £1,000 gbp so i dont understand as i havent made over 20k?

Im Uk resident and its not a business for me.

Do i have to send the form in ? what are the penalties if i dont?

Im panicking tbh if id had know i wouldnt have dabbled Sad

Thankyou in advance for any help or advise

1575905510
Hero Member
*
Offline Offline

Posts: 1575905510

View Profile Personal Message (Offline)

Ignore
1575905510
Reply with quote  #2

1575905510
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Deathwing
Legendary
*
Offline Offline

Activity: 1428
Merit: 1196


Lambo


View Profile WWW
November 27, 2019, 08:21:33 AM
 #2

You should move your thread to Service Discussion. Coinbase might've sent you the documents to fill "in case" you pass the threshold. If you do not want to fill it, try to utilize different exchanges and/or P2P ones like LocalBitcoins.
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 08:24:36 AM
 #3

Apologies Deathwing for posting in the incorrect section, And thankyou for taking the time to reply.

avikz
Legendary
*
Offline Offline

Activity: 1470
Merit: 1210


FortuneJack.com


View Profile
November 27, 2019, 08:37:39 AM
Merited by hilariousandco (4)
 #4

1099-k is applicable for US businesses an not for UK residents unless you conduct a business in US. I don't think this form is applicable to you. Please get in touch with Coinbase and question them about it.

Also 1099K only applies if you have more than 200 transactions and 20k USD plus volume. I doubt it is required for you to fill!

████████████████████████████
████████▀▀ █▀ █▀ ▀██████████
█████████▄ ▄▄▄▄▄▄███████████
██████████▀     ▀  ▀████████
███████▀ ▀  ▄█▀▀▀█▀▀████████
██████▄      █▄  ▀▀  ▀██████
██████         ▄▄█▄ ▄ ▀█████
█████ ▄         ▀▀ ▄ ▀ █████
██████▌          █▀█▀ ▐█████
███████  ▄▌         ▄ ██████
████████▄█         ▄████████
█████████▀     ▄▄ ▄█████████
████████████████████████████
.JACKMATE'S...........
.
MAJESTIC..
████████████████████████
███████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
.
..WIN 1 BITCOIN ON EVERY PREMIER LEAGUE MATCHDAY..
████████████████████████████████
████████████▀█▀ ▀█▀█▀███████████
███████████▄ ▄▄▄▄▄▄▄████████████
███████████▀▀▄▄▄▄▄▄▄▄███████████
█████████▀▄ ██▀▄▄▄ ▀ ▄▀█████████
███████▀ ▀█████▄▄▄█▄▄▄██████████
███████▀▄████████▀  ▀█ █▐███████
███████ ▀█████████▄█▀▀██ ███████
████████ ███▀██████ ▄ ██ ███████
████████▌▐▀▄ ██████████ ▄███████
█████████▄██▌▐█████▀██ █████████
████████████▄▀▀▀▀▀▄ ▀▄██████████
████████████████████████████████
.
.JOIN US - IT'S FREE! .
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 08:48:22 AM
 #5

1099-k is applicable for US businesses an not for UK residents unless you conduct a business in US. I don't think this form is applicable to you. Please get in touch with Coinbase and question them about it.

Also 1099K only applies if you have more than 200 transactions and 20k USD plus volume. I doubt it is required for you to fill!

Thankyou avik, i have questioned them, the say  "Your 2019 transaction volume exceeds the reporting thresholds" but they then just keep forwarding to there help page which states you recieve the k1099k

See link https://support.coinbase.com/customer/en/portal/articles/2928251

if you have exceeded the threshold of more than 200 transactions and 20k USD plus volume ?

which is why im concerned as ive havent earn anything Sad

Thankyou for the reply avik.
figmentofmyass
Legendary
*
Offline Offline

Activity: 1232
Merit: 1004



View Profile
November 27, 2019, 08:50:48 AM
 #6

Coinbase Sends Form W-9 to send Form 1099-K if 200+ Transactions Are $20K+

Ive only ever Deposited £2895 and have made a loss trading leaving me £1,000 gbp so i dont understand as i havent made over 20k?

Im Uk resident and its not a business for me.

to get a 1099-k you just need to have traded $20k worth. it's not about profit.

are you a USA citizen residing in the UK? did you provide them with a USA tax ID number? otherwise it's a bit puzzling why they would send you (and the IRS) a 1099.

Do i have to send the form in ? what are the penalties if i dont?

Im panicking tbh if id had know i wouldnt have dabbled Sad

Thankyou in advance for any help or advise

you don't send the form in. the IRS already has it. the 1099-K doesn't report cost basis, so it basically just informs them that you've done a significant amount of trading. as such, it will probably get their attention if they receive a 1099-K and you don't file a schedule D or form 8949 reporting crypto capital gains/losses.

if you're not a USA citizen or resident and you don't have a business there, you don't need to report anything to the IRS. it's just coinbase's mistake.

merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 09:04:05 AM
 #7

Thankyou Figment,

Yes im Uk resident, i dont have a Business in the USA, My Accountant told me to ignore it and not use Coinbase anymore.

I just wanted to know if that is ok by asking you kind people as you may have more knowledge of these things.

Ive only traded £2,800 at no point did my balance ever exceed that amount. but i must have traded with that £2,800 200+ times i suppose :/

Many thanks
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 09:17:20 AM
 #8

Id just like to add, This is a great helpful forum im glad i joined thankyou to all who have contributed
hilariousetc
Legendary
*
Offline Offline

Activity: 1428
Merit: 2250


https://bitcoin.watfordfc.com


View Profile
November 27, 2019, 10:44:42 AM
 #9

I'm a UK resident that uses Coinbase and I've probably gone over the $20k and I didn't receive this. Was this a message you received via email or when you logged into your Coinbase account? As others have said, that's a US form and it's weird that they would send you that unless you've stipulated somewhere that you're a US resident in some capacity. That's why it looks fishy to me and possibly some sort of phishing attack if it's come via email. Coinbase's customer support is terrible so I wouldn't expect a answer from them but whether you keep using them or not is up to you. This shouldn't be anything to worry about if you're not a US citizen though so you could probably just ignore the form.

merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 10:51:19 AM
 #10

No im not a USA resident,

The Request was genuine as it appeared on the Coinbase pro screen, Yes coinbase support i find is terrible.

It just says if i dont provide the information they need i will not be able to trade on there until its resolved.

That doesn't me and my Uk accountant said ignore the site, so by the looks that is what i shall do. i will keep this thread updated

Really appreciate the reply hilariousetc thankyou.
avikz
Legendary
*
Offline Offline

Activity: 1470
Merit: 1210


FortuneJack.com


View Profile
November 27, 2019, 12:28:31 PM
 #11

1099-k is applicable for US businesses an not for UK residents unless you conduct a business in US. I don't think this form is applicable to you. Please get in touch with Coinbase and question them about it.

Also 1099K only applies if you have more than 200 transactions and 20k USD plus volume. I doubt it is required for you to fill!

Thankyou avik, i have questioned them, the say  "Your 2019 transaction volume exceeds the reporting thresholds" but they then just keep forwarding to there help page which states you recieve the k1099k

See link https://support.coinbase.com/customer/en/portal/articles/2928251

if you have exceeded the threshold of more than 200 transactions and 20k USD plus volume ?

which is why im concerned as ive havent earn anything Sad

Thankyou for the reply avik.

In that case, you are not liable to fill 1099k form or w9 whatsoever! This is purely applicable for US nationals. Since you don't have any business in US and you are a UK national, you don't need to be concerned about this. You can still pursue their customer support for withdrawal of that tax notice by submitting adequate proof.

████████████████████████████
████████▀▀ █▀ █▀ ▀██████████
█████████▄ ▄▄▄▄▄▄███████████
██████████▀     ▀  ▀████████
███████▀ ▀  ▄█▀▀▀█▀▀████████
██████▄      █▄  ▀▀  ▀██████
██████         ▄▄█▄ ▄ ▀█████
█████ ▄         ▀▀ ▄ ▀ █████
██████▌          █▀█▀ ▐█████
███████  ▄▌         ▄ ██████
████████▄█         ▄████████
█████████▀     ▄▄ ▄█████████
████████████████████████████
.JACKMATE'S...........
.
MAJESTIC..
████████████████████████
███████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
████████████████████████
.
..WIN 1 BITCOIN ON EVERY PREMIER LEAGUE MATCHDAY..
████████████████████████████████
████████████▀█▀ ▀█▀█▀███████████
███████████▄ ▄▄▄▄▄▄▄████████████
███████████▀▀▄▄▄▄▄▄▄▄███████████
█████████▀▄ ██▀▄▄▄ ▀ ▄▀█████████
███████▀ ▀█████▄▄▄█▄▄▄██████████
███████▀▄████████▀  ▀█ █▐███████
███████ ▀█████████▄█▀▀██ ███████
████████ ███▀██████ ▄ ██ ███████
████████▌▐▀▄ ██████████ ▄███████
█████████▄██▌▐█████▀██ █████████
████████████▄▀▀▀▀▀▄ ▀▄██████████
████████████████████████████████
.
.JOIN US - IT'S FREE! .
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 01:21:39 PM
 #12

I've just looked at the form they are asking me to Fill out.

Its a Form called W-8BEN

Its Giving permission for Coinbase to report myself as a indivudual non resident that ive exceeded there threshold

Whether i have to do this remains tobe seen.

Ive Email Coinbase stating in NON Us resident, i have No business in the Usa and the amount id only ever worked from and not exceeded was £2,800 gbp

and i will not be filling there form in.

I will see what there reply is.

Interestingly enough they are offering people who fill the form out $10 as a thankyou?? Abit strange i think,

Thankyou guys again for your help i will keep this thread updated
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 27, 2019, 01:57:15 PM
 #13

Just to add i found this

https://www.davy.ie/binaries/content/assets/davy/private-clients/useful-forms/2018/w-8ben-faq.pdf

Its says if i dont fill it in they will charge/hold 30% value. Thats a little tricky as i have transfferd my funds elsewhere and cancel direct debits and cards etc.

Im Still thinking about filling the w8ben form in but worried if they are going to want some stupid amount of tax from me. eg 15% of $20,000  which i sip,ly have never had or spent.

Worried..... Sad

I will await there reply
squatter
Hero Member
*****
Offline Offline

Activity: 1302
Merit: 952


STOP SNITCHIN'


View Profile
November 27, 2019, 09:08:02 PM
 #14

Just to add i found this

https://www.davy.ie/binaries/content/assets/davy/private-clients/useful-forms/2018/w-8ben-faq.pdf

Its says if i dont fill it in they will charge/hold 30% value. Thats a little tricky as i have transfferd my funds elsewhere and cancel direct debits and cards etc.

Im Still thinking about filling the w8ben form in but worried if they are going to want some stupid amount of tax from me. eg 15% of $20,000  which i sip,ly have never had or spent.

Worried..... Sad

I will await there reply

It seems like Coinbase wants to establish your status as a foreign person, to determine whether withholding is necessary. This is from the instructions for Form W-8BEN:

Quote
A foreign financial institution (FFI) may rely on a properly completed Form W-8BEN to establish your chapter 4 status as a foreign person. The Form W-8BEN should be provided to the FFI when requested. Failure to do so could result in 30% withholding on income paid or credited to you as a recalcitrant account holder from sources within the United States.

You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien.

This situation is perplexing, though, since the forms of income subject to withholding don't apply to capital gains. It's even more strange since you don't even have any net capital gains, only losses.

It may just be that they want to confirm your residency and tax filing status because you crossed some activity threshold. It doesn't seem like there is any basis for them to withhold anything.

alyssa85
Legendary
*
Offline Offline

Activity: 1610
Merit: 1070

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 28, 2019, 10:55:46 AM
 #15

I've just looked at the form they are asking me to Fill out.

Its a Form called W-8BEN

Its Giving permission for Coinbase to report myself as a indivudual non resident that ive exceeded there threshold

Whether i have to do this remains tobe seen.

Ive Email Coinbase stating in NON Us resident, i have No business in the Usa and the amount id only ever worked from and not exceeded was £2,800 gbp

and i will not be filling there form in.

I will see what there reply is.

Interestingly enough they are offering people who fill the form out $10 as a thankyou?? Abit strange i think,

Thankyou guys again for your help i will keep this thread updated

Send a private message to Coinbase via their reddit account:

https://www.reddit.com/r/CoinBase/

Sometimes they respond quicker if you contact them there.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
.CryptoTalk.org.|.MAKE POSTS AND EARN BTC!.🏆
merc85
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
November 28, 2019, 11:47:57 AM
 #16

Thankyou for the replies peeps and the Link,

I sent them a Message Yesturday stating the case and had been advised by my Accountant not to fill there form in.

I had a reply to say the "case number" was closed but they didn't really address anything other than just that.

I dont think this is the last time i will here from them but we will see.

Im not using there "coinbase" or Coinbase pro any longer,  i've no linked accounts with them either.

I Since discovered the IRS will take What ever is owed "if anything" from Coinbase and its then down to Coinbase to get "anything" from me.

Hence why they originally said they would withhold me from using Coinbase pro until the matter is resolved.

I also cannot understand why they are offering people $10 to fill the form in either, there is something in it for them obviously.


I really appreciate everyones time in replying and advise to this matter.

Will keep you all posted
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!