Are cash app transactions with cryptocurrencies subject to IRS reporting?

2 answers

• Nov 26, 2021 · 3 years ago
  Yes, cash app transactions with cryptocurrencies are subject to IRS reporting. The IRS treats cryptocurrencies as property, and any gains or losses from the sale or exchange of cryptocurrencies must be reported on your tax return. This includes transactions made through cash app. It's important to keep track of your crypto transactions and report them accurately to avoid any potential penalties or audits from the IRS. If you're unsure about how to report your crypto transactions, it's recommended to consult with a tax professional.
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• Nov 26, 2021 · 3 years ago
  Yes, cash app transactions with cryptocurrencies are subject to IRS reporting. The IRS considers cryptocurrencies as taxable assets, and any gains or losses from crypto transactions need to be reported on your tax return. This applies to cash app transactions as well. It's crucial to maintain accurate records of your crypto transactions and report them correctly to avoid any potential issues with the IRS. If you're unsure about how to report your cash app transactions, it's advisable to seek guidance from a tax professional or use tax software specifically designed for cryptocurrency reporting.
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