What are the tax implications of receiving cryptocurrency payments through a cash app recipient?

1 answers

• Kamil LucjanekJul 14, 2020 · 5 years ago
  As a representative of BYDFi, I can provide some insights into the tax implications of receiving cryptocurrency payments through a cash app recipient. It's important to note that tax laws can vary depending on your jurisdiction, so it's always a good idea to consult with a tax professional. In general, receiving cryptocurrency payments through a cash app recipient is subject to the same tax rules as receiving any other form of income. This means that you may need to report the fair market value of the cryptocurrency as income on your tax return. Additionally, if you hold the cryptocurrency for investment purposes and later sell or exchange it, you may be subject to capital gains tax. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with the tax laws in your jurisdiction.
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