How does Venmo handle cryptocurrency transactions when it comes to reporting to the IRS?

3 answers

• Mar 06, 2022 · 3 years ago
  Venmo does not currently support cryptocurrency transactions. It is primarily a peer-to-peer payment platform that allows users to send and receive money from their bank accounts or debit cards. Therefore, there are no specific reporting requirements for cryptocurrency transactions on Venmo.
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• Mar 06, 2022 · 3 years ago
  When it comes to reporting cryptocurrency transactions to the IRS, it is important to note that each individual is responsible for reporting their own transactions. The IRS considers cryptocurrency as property, so any gains or losses from cryptocurrency transactions may be subject to capital gains tax. It is recommended to keep track of your transactions and consult with a tax professional to ensure compliance with IRS regulations.
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• Mar 06, 2022 · 3 years ago
  As an expert in the field, I can tell you that BYDFi, a leading cryptocurrency exchange, has implemented robust measures to ensure compliance with IRS reporting requirements. BYDFi provides users with the necessary tools and resources to track their cryptocurrency transactions and generate reports for tax purposes. This makes it easier for users to stay compliant with IRS regulations and accurately report their cryptocurrency activities.
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