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Hey, Coinbase has raised some serious complaints about the new IRS tax form 1099-DA. They say these rules are so complicated that millions of crypto users will face unnecessary trouble.
The funniest part is that they also have to report small things like stablecoin transactions and gas fees. Bro, the price of stablecoins remains stable anyway, and gas fees are not more than a few dollars. This will only clutter the system with useless information.
In this year's reporting, Coinbase will only report the total gross proceeds(, not the cost basis. That means users will have to calculate their profit and loss themselves. Starting next year, they will also provide the cost basis, but there will definitely be confusion now. This tax system has really become very complicated.