How does Venmo track taxes on cryptocurrency transactions?

3 answers

• Dec 16, 2021 · 3 years ago
  Venmo does not directly track taxes on cryptocurrency transactions. As a peer-to-peer payment platform, Venmo is not responsible for tax reporting or compliance. It is the individual user's responsibility to report their cryptocurrency transactions and pay any applicable taxes.
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• Dec 16, 2021 · 3 years ago
  When it comes to taxes on cryptocurrency transactions, Venmo operates similarly to other payment platforms. They provide transaction history and account statements, which users can use to calculate their gains or losses for tax purposes. However, it's important to consult with a tax professional or use tax software to ensure accurate reporting.
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• Dec 16, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Venmo is not the best platform for tracking taxes on cryptocurrency transactions. If you're looking for a more comprehensive solution, I would recommend using a dedicated cryptocurrency tax software like BYDFi. BYDFi integrates with various exchanges and wallets, making it easier to track your transactions and generate accurate tax reports.
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