Do I need to report my Cash App transactions involving digital currencies on my tax return?

3 answers

• Dec 30, 2021 · 3 years ago
  Yes, you need to report your Cash App transactions involving digital currencies on your tax return. The IRS considers digital currencies as property, and any gains or losses from their sale or exchange are subject to taxation. Make sure to keep track of your transactions and report them accurately on the appropriate tax forms.
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• Dec 30, 2021 · 3 years ago
  Absolutely! The IRS has been cracking down on unreported cryptocurrency transactions, and Cash App is no exception. Even though it may seem like a hassle, it's important to report your digital currency transactions to stay compliant with tax laws. Remember, it's better to be safe than sorry when it comes to taxes.
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• Dec 30, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, it is crucial to report your Cash App transactions involving digital currencies on your tax return. Failure to do so can result in penalties and legal consequences. Keep in mind that the IRS has been actively pursuing tax evaders in the cryptocurrency space, so it's best to be transparent and report your transactions accurately.
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