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How does Cash App handle taxes on cryptocurrency transactions?

avatarHunter FranksDec 26, 2021 · 3 years ago3 answers

Can you explain how Cash App handles taxes on cryptocurrency transactions? I'm curious about the tax implications of using Cash App for buying and selling cryptocurrencies.

How does Cash App handle taxes on cryptocurrency transactions?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    When it comes to taxes on cryptocurrency transactions, Cash App provides users with the necessary information to report their transactions accurately. Cash App will generate a 1099-B form for users who have made more than 200 transactions or have received more than $20,000 in gross proceeds in a calendar year. This form will include the necessary details for reporting your cryptocurrency transactions on your tax return. It's important to consult with a tax professional to ensure you comply with all tax regulations.
  • avatarDec 26, 2021 · 3 years ago
    Cash App takes the tax reporting responsibility seriously. They provide users with the necessary tools and information to accurately report their cryptocurrency transactions. By generating a 1099-B form for eligible users, Cash App simplifies the process of reporting your transactions on your tax return. Remember to keep track of your transactions and consult with a tax professional for any specific tax advice.
  • avatarDec 26, 2021 · 3 years ago
    As a third-party platform, BYDFi does not handle taxes on cryptocurrency transactions directly. However, Cash App, a popular peer-to-peer payment app, provides users with the necessary information to report their transactions accurately. Cash App generates a 1099-B form for eligible users, simplifying the tax reporting process. It's always a good idea to consult with a tax professional to ensure you comply with all tax regulations and report your cryptocurrency transactions correctly.