Does Coinbase report to the IRS?

Are you wondering if Coinbase, a popular cryptocurrency exchange platform, is required to report your transactions to the IRS? It's a valid concern for many crypto users who want to ensure they're complying with tax laws. Here's the deal: Coinbase, like other financial institutions, is obligated to report certain transactions to the IRS. This typically includes transactions that exceed a certain threshold, such as sales or exchanges of cryptocurrency for fiat currency (like USD) that exceed $20,000 in a single year, or over 200 transactions in a single year, regardless of the dollar amount. However, it's important to note that Coinbase is not responsible for calculating your taxes on your behalf. It's up to you to keep track of your crypto transactions and report them accurately to the IRS. So, if you're using Coinbase or any other crypto exchange, make sure you're aware of your tax obligations and keep good records of your transactions.