Is Cash App a tax-free way to buy and sell cryptocurrencies?

3 answers

• Dec 24, 2021 · 3 years ago
  Yes, Cash App transactions involving cryptocurrencies are subject to taxes. When you buy or sell cryptocurrencies using Cash App, you are required to report these transactions on your tax returns. The IRS treats cryptocurrencies as property, and any gains or losses from their sale or exchange are subject to capital gains tax. It's important to keep track of your transactions and consult with a tax professional to ensure compliance with tax regulations.
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• Dec 24, 2021 · 3 years ago
  No, Cash App transactions involving cryptocurrencies are not tax-free. Just like any other platform or exchange, buying and selling cryptocurrencies using Cash App is considered a taxable event. The IRS requires individuals to report their cryptocurrency transactions and pay taxes on any gains made. It's crucial to understand the tax implications and consult with a tax advisor to accurately report your cryptocurrency activities.
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• Dec 24, 2021 · 3 years ago
  As an expert in the field, I can confirm that Cash App transactions involving cryptocurrencies are indeed subject to taxes. The IRS has been actively cracking down on cryptocurrency tax evasion, and it's important to comply with the tax regulations. While Cash App provides a convenient platform for buying and selling cryptocurrencies, it does not exempt users from their tax obligations. Make sure to keep accurate records of your transactions and consult with a tax professional for guidance on reporting your cryptocurrency activities.
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