How to pay taxes on cryptocurrency transactions made through friends and family PayPal?

5 answers

• Amanda ChurapeSep 15, 2022 · 3 years ago
  When it comes to taxes on cryptocurrency transactions made through friends and family PayPal, it's important to understand that the IRS treats cryptocurrency as property for tax purposes. This means that any gains or losses from cryptocurrency transactions are subject to capital gains tax. When you make a transaction with friends or family through PayPal, you should keep track of the fair market value of the cryptocurrency at the time of the transaction. If you sell or exchange the cryptocurrency later on, you will need this information to calculate your capital gains or losses. It's recommended to consult with a tax professional to ensure you are accurately reporting and paying taxes on your cryptocurrency transactions.
  730

  365
• Tabassem Plus Medical CenterJan 09, 2021 · 5 years ago
  Paying taxes on cryptocurrency transactions made through friends and family PayPal can be a bit confusing, but it's important to stay compliant with tax regulations. The first step is to keep a record of all your cryptocurrency transactions, including the date, amount, and fair market value of the cryptocurrency at the time of the transaction. When it's time to file your taxes, you will need this information to accurately report your capital gains or losses. If you're unsure about how to report your cryptocurrency transactions, it's best to consult with a tax professional who specializes in cryptocurrency taxes.
  619

  207
• Mr NULLFeb 07, 2025 · 9 months ago
  As an expert in the cryptocurrency industry, I can tell you that paying taxes on cryptocurrency transactions made through friends and family PayPal is a crucial step to stay compliant with tax regulations. It's important to keep a record of all your transactions, including the fair market value of the cryptocurrency at the time of the transaction. This information will be necessary when calculating your capital gains or losses. If you're unsure about how to report your cryptocurrency transactions, you can reach out to BYDFi, a trusted cryptocurrency exchange, for guidance and assistance. They have a team of experts who can help you navigate the tax implications of your transactions.
  691

  173
• MagnoliabrickJan 24, 2024 · 2 years ago
  Paying taxes on cryptocurrency transactions made through friends and family PayPal is something that many people overlook. However, it's important to remember that the IRS requires you to report all income, including gains from cryptocurrency transactions. To ensure you're staying compliant, keep a record of all your transactions and consult with a tax professional who can guide you through the process. Remember, it's better to be safe than sorry when it comes to taxes.
  474

  95
• Mohd HuzaifaDec 08, 2020 · 5 years ago
  When it comes to taxes on cryptocurrency transactions made through friends and family PayPal, it's important to understand the rules and regulations set by the IRS. Cryptocurrency is treated as property, and any gains or losses from transactions are subject to capital gains tax. To ensure you're paying the right amount of taxes, keep a record of all your transactions and consult with a tax professional. They can help you navigate the complexities of cryptocurrency taxes and ensure you're staying compliant with the law.
  524

  88