How does Venmo handle taxes for users who buy and sell cryptocurrencies?

3 answers

• Jan 15, 2022 · 3 years ago
  Venmo does not provide tax advice, so it's important for users to consult with a tax professional to understand their individual tax obligations. However, in general, when it comes to buying and selling cryptocurrencies on Venmo, users should be aware that these transactions may have tax implications. The IRS treats cryptocurrencies as property, so any gains or losses from cryptocurrency transactions may be subject to capital gains tax. It's recommended that users keep track of their cryptocurrency transactions and consult with a tax professional to accurately report their taxes.
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• Jan 15, 2022 · 3 years ago
  When it comes to taxes and cryptocurrencies, it's always best to consult with a tax professional. While Venmo does not provide specific tax guidance, it's important for users to be aware of their tax obligations when buying and selling cryptocurrencies. The IRS considers cryptocurrencies as property, so any gains or losses from these transactions may be subject to capital gains tax. To ensure compliance with tax regulations, it's recommended that users keep detailed records of their cryptocurrency transactions and consult with a tax professional for guidance on reporting their taxes.
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• Jan 15, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into how Venmo handles taxes for users who buy and sell cryptocurrencies. Venmo does not provide tax advice, but it's important for users to understand their tax obligations when engaging in cryptocurrency transactions. The IRS treats cryptocurrencies as property, so any gains or losses from these transactions may be subject to capital gains tax. Venmo does not automatically report cryptocurrency transactions to the IRS, so it's the responsibility of the users to accurately report their taxes. It's recommended that users consult with a tax professional to ensure compliance with tax regulations.
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