Do I need to report my cryptocurrency transactions on Cash App for tax purposes?

3 answers

• Dec 28, 2021 · 3 years ago
  Yes, you are required to report your cryptocurrency transactions on Cash App for tax purposes. The IRS considers cryptocurrencies as property, so any gains or losses from cryptocurrency transactions are subject to capital gains tax. Make sure to keep track of your transactions and report them accurately on your tax return.
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• Dec 28, 2021 · 3 years ago
  Absolutely! Cryptocurrency transactions on Cash App are not exempt from tax reporting. The IRS has been cracking down on cryptocurrency tax evasion, so it's important to stay compliant. Keep records of your transactions and consult a tax professional if you need guidance on how to accurately report your cryptocurrency activities.
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• Dec 28, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can confirm that you do need to report your cryptocurrency transactions on Cash App for tax purposes. Failure to do so can result in penalties and legal consequences. It's always better to be safe than sorry, so make sure to report your transactions accurately and consult with a tax professional if you have any doubts.
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