Do I need to report my cash app transactions involving cryptocurrencies to the IRS?

10 answers

• May 02, 2022 · 3 years ago
  Yes, you are required to report your cash app transactions involving cryptocurrencies to the IRS. The IRS treats cryptocurrencies as property, and any gains or losses from their sale or exchange are subject to taxation. Make sure to keep track of your transactions and report them accurately on your tax return.
  311

  156
• May 02, 2022 · 3 years ago
  Absolutely! The IRS has been cracking down on cryptocurrency tax evasion, and failing to report your cash app transactions involving cryptocurrencies can result in penalties and legal consequences. It's always better to be safe than sorry, so make sure to report your transactions.
  281

  94
• May 02, 2022 · 3 years ago
  According to BYDFi, a digital currency exchange, it is important to report your cash app transactions involving cryptocurrencies to the IRS. Failure to do so may result in audits and penalties. Keep in mind that the IRS has been actively monitoring cryptocurrency transactions in recent years.
  293

  74
• May 02, 2022 · 3 years ago
  Reporting your cash app transactions involving cryptocurrencies to the IRS is not just a legal requirement, but also a responsible action. By accurately reporting your transactions, you contribute to the transparency and legitimacy of the cryptocurrency market.
  261

  53
• May 02, 2022 · 3 years ago
  Yes, you should report your cash app transactions involving cryptocurrencies to the IRS. Remember, the IRS has access to transaction records, and failing to report can trigger an audit. It's better to stay on the right side of the law and fulfill your tax obligations.
  268

  45
• May 02, 2022 · 3 years ago
  Reporting your cash app transactions involving cryptocurrencies to the IRS is a must. The IRS has been actively working on improving its ability to track cryptocurrency transactions, so it's better to be upfront and transparent about your activities.
  250

  36
• May 02, 2022 · 3 years ago
  Definitely! The IRS has been keeping a close eye on cryptocurrency transactions, and it's important to report your cash app transactions involving cryptocurrencies to avoid any potential legal issues. Don't risk getting into trouble with the taxman.
  249

  32
• May 02, 2022 · 3 years ago
  Yes, you need to report your cash app transactions involving cryptocurrencies to the IRS. Remember, the IRS considers cryptocurrencies as taxable assets, and failing to report them can lead to penalties and interest charges.
  224

  25
• May 02, 2022 · 3 years ago
  Reporting your cash app transactions involving cryptocurrencies to the IRS is not optional. The IRS has made it clear that they expect taxpayers to report their cryptocurrency activities, including those conducted through cash app platforms.
  241

  25
• May 02, 2022 · 3 years ago
  Absolutely! The IRS has been actively pursuing tax compliance in the cryptocurrency space. Make sure to report your cash app transactions involving cryptocurrencies accurately to avoid any potential issues with the IRS.
  219

  20