Is it possible to avoid taxes when using cash app for buying and selling cryptocurrencies?

3 answers

• Dec 18, 2021 · 3 years ago
  Avoiding taxes when using cash app for buying and selling cryptocurrencies is not possible. Cryptocurrency transactions are subject to taxation, and it is important to comply with the tax regulations in your jurisdiction. Using cash app does not exempt you from tax obligations. It is recommended to consult with a tax professional to understand the specific tax implications of your cryptocurrency transactions.
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• Dec 18, 2021 · 3 years ago
  While some people may claim that using cash app can help avoid taxes on cryptocurrency transactions, it is important to note that tax evasion is illegal. Cryptocurrency transactions are increasingly under scrutiny by tax authorities, and efforts are being made to ensure compliance. It is always best to report your cryptocurrency transactions and pay the appropriate taxes to avoid legal consequences.
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• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can confirm that using cash app or any other platform for buying and selling cryptocurrencies does not provide a means to avoid taxes. Cryptocurrency transactions are subject to taxation, and it is important to fulfill your tax obligations. BYDFi encourages its users to comply with the tax regulations in their respective jurisdictions and seek professional advice if needed.
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