What is the tax return on cash app for cryptocurrency transactions?

1 answers

• SeanYork35Jul 20, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that the tax return process for cryptocurrency transactions on the Cash App is similar to other platforms. The IRS treats cryptocurrencies as property, so any gains or losses from these transactions are subject to capital gains tax. This means that if you sell your cryptocurrencies on the Cash App and make a profit, you'll need to report that profit on your tax return and pay taxes on it. However, if you sell your cryptocurrencies at a loss, you may be able to deduct that loss from your taxable income. It's important to keep track of all your cryptocurrency transactions on the Cash App and consult with a tax professional to ensure you're accurately reporting your gains and losses. Remember, tax laws can vary, so it's always a good idea to seek professional advice specific to your situation.
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