What are the tax implications for using Cash App for cryptocurrency transactions in California?

1 answers

• May 16, 2022 · 3 years ago
  As a California resident using Cash App for cryptocurrency transactions, you should be aware of the tax implications. The IRS considers cryptocurrencies as property, so any gains or losses you make from your cryptocurrency transactions on Cash App may be subject to capital gains tax. In California, the state generally follows the federal tax treatment of cryptocurrencies. This means that if you sell cryptocurrencies on Cash App and make a profit, you may need to report it as capital gains on your state tax return. It's important to stay compliant with tax laws, so consider consulting with a tax professional for personalized advice and guidance.
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