What are the IRS reporting requirements for Cash App and cryptocurrency?

3 answers

• Dec 25, 2021 · 3 years ago
  Sure! The IRS requires individuals who have engaged in cryptocurrency transactions, including those made through Cash App, to report their income and pay taxes accordingly. This includes reporting capital gains or losses from the sale or exchange of cryptocurrencies. It's important to keep accurate records of your transactions and consult with a tax professional to ensure compliance with the IRS regulations.
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• Dec 25, 2021 · 3 years ago
  Reporting requirements for Cash App and cryptocurrency transactions can be quite complex. It's crucial to understand that the IRS treats cryptocurrency as property for tax purposes. This means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. If you have used Cash App for cryptocurrency transactions, you need to report your transactions and calculate your gains or losses accurately. It's advisable to seek guidance from a tax professional to navigate through the reporting requirements and ensure compliance with the IRS rules.
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• Dec 25, 2021 · 3 years ago
  As a representative from BYDFi, I can provide some insights into the IRS reporting requirements for Cash App and cryptocurrency. The IRS expects individuals to report their cryptocurrency transactions, including those made through Cash App, and pay taxes on any gains. This means that if you have bought or sold cryptocurrencies using Cash App, you need to report these transactions on your tax return. It's essential to keep track of your transactions and consult with a tax professional to ensure accurate reporting and compliance with the IRS regulations.
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