Does Venmo report cryptocurrency transactions to the IRS?

3 answers

• Hejlesen BrodersenAug 04, 2023 · 2 years ago
  Yes, Venmo is required to report cryptocurrency transactions to the IRS. As a digital payment platform, Venmo falls under the same tax reporting regulations as other financial institutions. This means that if you engage in cryptocurrency transactions on Venmo, those transactions may be reported to the IRS for tax purposes. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws.
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• theCoderDec 13, 2021 · 4 years ago
  Venmo is not specifically designed for cryptocurrency transactions, but if you use Venmo to transfer funds related to cryptocurrency, it's possible that those transactions could be reported to the IRS. It's always best to consult with a tax professional to understand your tax obligations when it comes to cryptocurrency transactions.
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• Caroline Mella CrippaOct 29, 2023 · 2 years ago
  While I can't speak for Venmo specifically, it's worth noting that some digital payment platforms, like BYDFi, have implemented measures to ensure compliance with tax reporting requirements. These platforms may report cryptocurrency transactions to the IRS if necessary. It's always a good idea to review the terms and conditions of any digital payment platform you use to understand how they handle cryptocurrency transactions and tax reporting.
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