Do I need to report my Cash App transactions for tax purposes?

3 answers

• MacKinnon KeeganMay 16, 2022 · 3 years ago
  Yes, you do need to report your Cash App transactions for tax purposes. The IRS treats cryptocurrency as property, so any gains or losses from your transactions are subject to taxation. It's important to keep track of your transactions and report them accurately on your tax return to avoid any potential penalties or audits.
  325

  163
• MaybetsOct 31, 2022 · 3 years ago
  Absolutely! Cash App transactions involving cryptocurrency are taxable events. The IRS requires you to report any gains or losses from these transactions on your tax return. Make sure to keep detailed records of your transactions, including the date, amount, and purpose of each transaction, to ensure accurate reporting.
  321

  107
• Kastam RusdiOct 07, 2022 · 3 years ago
  As a representative from BYDFi, I can confirm that Cash App transactions involving cryptocurrency are indeed taxable. The IRS considers cryptocurrency as property, and any gains or losses from these transactions are subject to taxation. It's crucial to report your transactions accurately to comply with tax regulations and avoid any legal consequences.
  353

  89