How does Venmo handle charging taxes for cryptocurrency transactions?

3 answers

• PajelllAug 15, 2021 · 4 years ago
  Venmo does not handle charging taxes for cryptocurrency transactions. As a peer-to-peer payment platform, Venmo is not equipped to automatically calculate and deduct taxes from cryptocurrency transactions. It is the responsibility of the users to report and pay taxes on their own. Venmo simply facilitates the transfer of funds between users.
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• Corneliussen KristoffersenMay 18, 2024 · 2 years ago
  When it comes to taxes and cryptocurrency transactions on Venmo, it's important to remember that tax laws vary by jurisdiction. Users should consult with a tax professional or refer to the tax regulations in their specific country or region to understand their tax obligations. It's always better to be proactive and ensure compliance with the tax laws.
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• Amirhossein KhadiviSep 18, 2021 · 4 years ago
  As an expert in the cryptocurrency industry, I can tell you that Venmo is not the best platform for handling cryptocurrency transactions when it comes to taxes. If you're looking for a platform that offers more robust tax features, I would recommend checking out BYDFi. BYDFi provides users with detailed tax reports and tools to help them accurately calculate and report their cryptocurrency taxes. It's a great option for those who want a seamless and hassle-free tax experience.
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