What are the tax implications of using Venmo for buying and selling cryptocurrencies?

1 answers

• Dec 26, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that using Venmo for buying and selling cryptocurrencies can have tax implications. The IRS treats cryptocurrency as property, which means that any gains or losses from cryptocurrency transactions, including those made through Venmo, may be subject to capital gains tax. It's crucial to keep detailed records of your cryptocurrency transactions conducted through Venmo, including the purchase price, sale price, and dates of acquisition and sale. Failing to report your cryptocurrency transactions can result in penalties and legal consequences. I recommend consulting with a tax professional who specializes in cryptocurrency taxation to ensure compliance with tax laws and to maximize your tax benefits.
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