Do I need to report my CashApp cryptocurrency transactions on my tax return?

7 answers

• Alan Le PortNov 06, 2020 · 5 years ago
  Yes, you are required to report your CashApp cryptocurrency transactions on your tax return. The IRS considers cryptocurrencies as property, and any gains or losses from the sale or exchange of cryptocurrencies are subject to taxation. It is important to keep track of your transactions and calculate the capital gains or losses accurately.
  340

  170
• harshit modiFeb 04, 2024 · 2 years ago
  Absolutely! The IRS has been cracking down on cryptocurrency tax evasion, and failing to report your CashApp cryptocurrency transactions can lead to penalties and legal consequences. Make sure to consult with a tax professional or use tax software to accurately report your transactions.
  287

  96
• Khuuba sareesFeb 17, 2023 · 3 years ago
  According to BYDFi, a digital currency exchange, it is crucial to report your CashApp cryptocurrency transactions on your tax return. Failure to do so may result in audits and penalties. Remember to keep records of your transactions and consult with a tax advisor for guidance.
  277

  70
• astute-hopliteAug 09, 2020 · 5 years ago
  Reporting your CashApp cryptocurrency transactions on your tax return is not only a legal requirement but also a responsible practice. By accurately reporting your transactions, you can ensure compliance with tax laws and avoid potential issues with the IRS.
  258

  52
• SpitfireMay 08, 2024 · 2 years ago
  Hey there! If you've been using CashApp for your cryptocurrency transactions, it's important to know that the IRS expects you to report these transactions on your tax return. Cryptocurrencies are treated as property for tax purposes, so any gains or losses from buying or selling them need to be reported.
  305

  51
• swati gautamJan 24, 2025 · 10 months ago
  Yes, you should report your CashApp cryptocurrency transactions on your tax return. The IRS has been increasing its focus on cryptocurrency taxation, and it's better to be safe than sorry. Keep track of your transactions and consult with a tax professional for guidance.
  270

  39
• Fallesen StuartJul 07, 2022 · 3 years ago
  Reporting your CashApp cryptocurrency transactions on your tax return is a must. The IRS has been actively targeting cryptocurrency tax evasion, and failing to report your transactions can lead to serious consequences. Stay compliant and consult with a tax advisor for assistance.
  280

  35