If I buy or sell more than $10,000 in crypto on coinbase or Metamask, do I need to fill out an 8300 form?

[tjl12]

In January of this year the IRS said that people who buy or sell more than $10,000 in crypto have to fill out a form 8300 within 15 days. Does that apply to individuals like me using things Coinbase, Metamask or UniSwap? The form 8300 asks for things like the address and SSN of the person you are transacting with. What would I put down on the form when using an exchange?

[RobertB4444]

The form 8300 reporting requirement was delayed by the IRS.  The form that you are looking at now is designed to report cash transactions greater than $10,000 between individuals and businesses and it was not set up to handle digital assets - as you have seen - so the reporting requirement was delayed.

That's the good news.  The bad news is that 'delayed' means just that.  It will be required in the future.  As of now the requirement will just be for business transactions and the hope is that the IRS will adjust the form to make reporting blockchains and wallets easier.  But we will see.

Here is the IRS release on the matter.

@tjl12 

[tjl12]

So, even when it does come into affect, I won’t have to fill out the form? Because it’s only for businesses?

What about transactions between now and when it finally comes into effect? Will I have to report those?

[RobertB4444]

Your reporting requirement hasn't changed.  You don't have to report purchases of cryptocurrency (other than to check 'yes' on the box that says that you bought or sold digital assets) but you do have to report any sales.  The reporting requirement for the 8300 (whatever it turns out to be) won't have any effect on that.

@tjl12 

[tjl12]

so I won’t have to worry about anything beyond the normal capital gains tax and income tax?

[RobertB4444]

Correct.

@tjl12