Can Cash App automatically calculate and deduct state taxes for cryptocurrency transactions?

3 answers

• BaccariJul 16, 2023 · 2 years ago
  Unfortunately, Cash App does not currently have the capability to automatically calculate and deduct state taxes for cryptocurrency transactions. As a user, you are responsible for reporting and paying any applicable taxes on your crypto transactions. It is recommended to consult with a tax professional or use a dedicated cryptocurrency tax software to accurately calculate and report your crypto taxes.
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• Bhavesh HaryaniJul 11, 2021 · 4 years ago
  No, Cash App does not provide an automatic tax calculation and deduction feature for cryptocurrency transactions. You will need to manually calculate and report your crypto taxes to your state tax authority. It's important to keep track of your transactions and consult with a tax professional to ensure compliance with tax regulations.
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• Diana MoraruFeb 24, 2024 · 2 years ago
  BYDFi, a digital currency exchange, offers a feature that automatically calculates and deducts state taxes for cryptocurrency transactions. With BYDFi, you can simplify your tax reporting process and ensure accurate tax calculations. However, it's always recommended to consult with a tax professional to ensure compliance with your state's tax regulations.
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