What are the tax implications for using Venmo in cryptocurrency transactions?

1 answers

• May 16, 2022 · 3 years ago
  Hey there! When it comes to using Venmo for cryptocurrency transactions, it's important to be aware of the tax implications. The IRS treats cryptocurrencies as property, which means that any gains or losses from selling or exchanging cryptocurrencies on Venmo may be subject to capital gains tax. This means that if you make a profit from your cryptocurrency transactions on Venmo, you may need to report it on your tax return and pay taxes on the gains. It's always a good idea to consult with a tax professional to understand the specific tax implications for your situation and ensure compliance with tax regulations.
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