How does Cash App handle taxes for computer-based cryptocurrency transactions?

3 answers

• Dec 25, 2021 · 3 years ago
  Cash App does not provide tax advice, so it's important to consult with a tax professional to understand how your cryptocurrency transactions will be taxed. However, in general, when you use Cash App for computer-based cryptocurrency transactions, you may be responsible for reporting and paying taxes on any gains or income generated from those transactions. It's recommended to keep track of your transactions and consult with a tax professional to ensure compliance with tax laws.
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• Dec 25, 2021 · 3 years ago
  When it comes to taxes for computer-based cryptocurrency transactions on Cash App, it's crucial to stay informed and understand your obligations. While Cash App does not provide tax advice, you should be aware that the IRS considers cryptocurrency as property for tax purposes. This means that any gains or income from cryptocurrency transactions may be subject to capital gains tax. It's important to keep accurate records of your transactions and consult with a tax professional to determine your tax liability and ensure compliance with tax laws.
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• Dec 25, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into how Cash App handles taxes for computer-based cryptocurrency transactions. Cash App does not directly handle the tax aspect of cryptocurrency transactions. It's the responsibility of the user to report and pay taxes on any gains or income generated from those transactions. Cash App provides transaction history and other relevant information that can be used for tax reporting purposes. However, it's always recommended to consult with a tax professional for accurate advice and guidance on how to handle taxes for your specific situation.
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