How can I report Venmo transactions involving cryptocurrencies on my taxes?

3 answers

• Bede mo emamJan 04, 2023 · 3 years ago
  As a tax professional, I recommend that you report any transactions involving cryptocurrencies on your taxes. The IRS considers cryptocurrencies as property, so you should treat them similarly to stocks or other investments. You will need to report any gains or losses from these transactions on your tax return. It's important to keep track of the dates, amounts, and the fair market value of the cryptocurrencies at the time of the transactions. If you're unsure about how to report these transactions, it's best to consult with a tax advisor who is familiar with cryptocurrency taxation.
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• prajwaloconnerMar 08, 2024 · 2 years ago
  Reporting Venmo transactions involving cryptocurrencies on your taxes can be a bit tricky, but it's important to do it correctly to avoid any potential issues with the IRS. You should report these transactions as capital gains or losses, depending on whether you made a profit or a loss. Make sure to keep detailed records of the transactions, including the dates, amounts, and the fair market value of the cryptocurrencies at the time of the transactions. If you're not sure how to report these transactions, it's always a good idea to consult with a tax professional.
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• ellieeeistSep 10, 2024 · a year ago
  At BYDFi, we understand the importance of reporting cryptocurrency transactions on your taxes. When it comes to Venmo transactions involving cryptocurrencies, it's crucial to keep accurate records and report them correctly. The IRS has been cracking down on cryptocurrency tax evasion, so it's best to be proactive and ensure compliance. We recommend consulting with a tax advisor who specializes in cryptocurrency taxation to ensure that you report these transactions accurately and minimize any potential tax liabilities.
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