What are the tax consequences of cashing out cryptocurrencies through www.cashapp?

1 answers

• May 05, 2022 · 3 years ago
  Cashing out cryptocurrencies through www.cashapp may have tax implications. It's important to note that I am not a tax professional, but I can provide some general information. In the United States, cryptocurrencies are treated as property for tax purposes. This means that when you sell or cash out your cryptocurrencies, you may be subject to capital gains tax. The tax rate will depend on various factors, such as your income level and how long you held the cryptocurrencies. It's always a good idea to consult with a tax professional to understand the specific tax consequences of cashing out cryptocurrencies through www.cashapp.
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