Are there any tax obligations when using Cash App for buying or selling cryptocurrencies?

1 answers

• Kacper MałachowskiFeb 06, 2021 · 5 years ago
  When it comes to tax obligations, using Cash App for buying or selling cryptocurrencies is no exception. The tax treatment of cryptocurrencies can be complex and varies by jurisdiction. In the United States, the IRS considers cryptocurrencies as property, which means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. When using Cash App, it's important to keep accurate records of your transactions, including the purchase price, sale price, and date of each transaction. At the end of the tax year, you will need to report your cryptocurrency transactions and calculate your capital gains or losses. It's recommended to consult with a tax professional to ensure compliance with tax regulations when using Cash App for buying or selling cryptocurrencies.
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