How does the IRS treat cryptocurrency earnings made through Venmo?

7 answers

• Thuesen RiversOct 09, 2021 · 4 years ago
  According to the IRS, cryptocurrency earnings made through Venmo are subject to taxation. The IRS treats cryptocurrency as property, not currency, which means that any gains from cryptocurrency transactions, including those made through Venmo, are subject to capital gains tax. This means that if you earn cryptocurrency through Venmo and later sell it at a profit, you will need to report the earnings and pay taxes on the capital gains.
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• ANH ĐẶNGAug 09, 2024 · a year ago
  When it comes to cryptocurrency earnings made through Venmo, the IRS expects individuals to report and pay taxes on any gains. This means that if you earn cryptocurrency through Venmo and later sell it for a higher price, you will need to report the earnings and pay taxes on the profit. It's important to keep accurate records of your cryptocurrency transactions to ensure compliance with IRS regulations.
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• Masudrana MilonDec 09, 2024 · a year ago
  As an expert in the field, I can confirm that the IRS treats cryptocurrency earnings made through Venmo as taxable income. This means that if you earn cryptocurrency through Venmo, you are required to report the earnings and pay taxes on any gains. It's important to consult with a tax professional to ensure that you are properly reporting your cryptocurrency earnings and complying with IRS regulations.
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• Pavani PallapuJun 09, 2024 · a year ago
  According to the IRS, cryptocurrency earnings made through Venmo are treated as taxable income. This means that if you earn cryptocurrency through Venmo, you will need to report the earnings and pay taxes on any gains. It's important to note that the IRS has been cracking down on cryptocurrency tax evasion, so it's crucial to accurately report your earnings to avoid any potential penalties or legal issues.
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• Calhoun RyeJan 04, 2025 · 10 months ago
  BYDFi does not have specific information on how the IRS treats cryptocurrency earnings made through Venmo. However, based on general IRS guidelines, it is likely that cryptocurrency earnings made through Venmo would be subject to taxation. It's important to consult with a tax professional or refer to IRS guidelines for specific information on reporting and paying taxes on cryptocurrency earnings made through Venmo.
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• Power GISep 22, 2023 · 2 years ago
  The IRS treats cryptocurrency earnings made through Venmo as taxable income. This means that if you earn cryptocurrency through Venmo, you are required to report the earnings and pay taxes on any gains. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with IRS regulations.
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• GauravB007Dec 07, 2020 · 5 years ago
  Cryptocurrency earnings made through Venmo are subject to taxation according to the IRS. This means that if you earn cryptocurrency through Venmo, you will need to report the earnings and pay taxes on any gains. It's important to stay up to date with IRS regulations regarding cryptocurrency taxation to ensure compliance and avoid any potential penalties or legal issues.
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