Do I need to report cash app transactions involving cryptocurrencies on my tax return?

5 answers

• NileJul 03, 2023 · 2 years ago
  Yes, you are required to report cash app transactions involving cryptocurrencies on your tax return. The IRS considers cryptocurrencies as property, so any gains or losses from these transactions are subject to taxation. Make sure to keep track of your transactions and report them accurately to avoid any potential penalties or audits.
  336

  168
• Gayathri H GNov 28, 2020 · 5 years ago
  Absolutely! When it comes to cash app transactions involving cryptocurrencies, it's important to remember that the IRS treats cryptocurrencies as property, not currency. This means that any gains or losses from these transactions need to be reported on your tax return. It's always a good idea to consult with a tax professional to ensure you're meeting all the necessary requirements.
  385

  129
• nurd 14Feb 24, 2022 · 4 years ago
  Yes, according to the IRS guidelines, you need to report cash app transactions involving cryptocurrencies on your tax return. Failure to do so can result in penalties and potential audits. It's important to keep accurate records of your transactions and consult with a tax professional to ensure compliance with tax laws.
  321

  81
• NetAlienAug 11, 2021 · 4 years ago
  Reporting cash app transactions involving cryptocurrencies on your tax return is a must. The IRS has been cracking down on cryptocurrency tax evasion, and failure to report these transactions can have serious consequences. Make sure to keep detailed records of your transactions and consult with a tax professional to ensure you're meeting all the necessary requirements.
  371

  75
• MD S UJO NMay 11, 2024 · a year ago
  As a representative of BYDFi, I can confirm that it is important to report cash app transactions involving cryptocurrencies on your tax return. The IRS considers cryptocurrencies as property, and any gains or losses from these transactions are subject to taxation. Make sure to consult with a tax professional to ensure compliance with tax laws and regulations.
  361

  61