How does Venmo handle tax forms for cryptocurrency transactions?

3 answers

• Dec 17, 2021 · 3 years ago
  When it comes to handling tax forms for cryptocurrency transactions, Venmo follows the guidelines set by the IRS. If you engage in cryptocurrency transactions on Venmo, you may be required to report your earnings and pay taxes on them. It's important to keep track of your transactions and consult with a tax professional to ensure compliance with tax laws.
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• Dec 17, 2021 · 3 years ago
  Venmo treats cryptocurrency transactions like any other taxable event. If you buy, sell, or trade cryptocurrencies on Venmo, you may receive a tax form called a 1099-K if you meet certain thresholds. This form reports your gross transaction volume, but it's important to note that it doesn't provide cost basis information. To accurately report your cryptocurrency gains and losses, you may need to rely on your own transaction history and records.
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• Dec 17, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Venmo is not the only platform that handles tax forms for cryptocurrency transactions. Many other exchanges and payment processors also have similar processes in place. It's always a good idea to familiarize yourself with the tax regulations in your jurisdiction and keep accurate records of your cryptocurrency transactions to ensure compliance with tax laws.
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