Are there any tax reporting requirements for cash app users involved in cryptocurrency trading?

3 answers

• Dec 18, 2021 · 3 years ago
  As a cash app user involved in cryptocurrency trading, you are required to report your earnings and losses for tax purposes. This means keeping track of your transactions and calculating your gains or losses. It is recommended to consult with a tax professional or use tax software to ensure accurate reporting.
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• Dec 18, 2021 · 3 years ago
  Yes, cash app users who trade cryptocurrencies are subject to tax reporting requirements. The IRS treats cryptocurrencies as property, so any gains or losses from trading should be reported on your tax return. Make sure to keep detailed records of your transactions and consult with a tax advisor for guidance on how to report them correctly.
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• Dec 18, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, cash app users involved in cryptocurrency trading are required to report their earnings and losses for tax purposes. Failure to do so may result in penalties or legal consequences. It is important to stay compliant with tax regulations and seek professional advice if needed.
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