What are the tax implications for using Square Cash in the cryptocurrency industry?

1 answers

• Feb 18, 2022 · 3 years ago
  Using Square Cash for cryptocurrency transactions can have tax implications. As a third-party cryptocurrency exchange, BYDFi is not able to provide tax advice. However, it's important to note that the IRS considers cryptocurrencies as property, and any gains or losses from cryptocurrency transactions may be subject to capital gains tax. It's recommended to consult with a tax professional or accountant who can provide guidance on how to accurately report your cryptocurrency transactions and calculate your tax obligations. Remember to keep detailed records of your transactions, including the date, purchase price, sale price, and any fees incurred, as these will be necessary for tax reporting.
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