Are cryptocurrency transactions on Venmo subject to IRS reporting requirements?

3 answers

• Nov 29, 2021 · 3 years ago
  Yes, cryptocurrency transactions made on Venmo are subject to IRS reporting requirements. The IRS treats cryptocurrency as property, so any gains or losses from cryptocurrency transactions need to be reported on your tax return. This includes transactions made on Venmo, as it is considered a platform for buying and selling cryptocurrencies. It's important to keep track of your transactions and report them accurately to avoid any potential penalties or audits from the IRS.
  476238
• Nov 29, 2021 · 3 years ago
  Absolutely! Just like any other cryptocurrency transaction, those made on Venmo are subject to IRS reporting requirements. The IRS has been cracking down on cryptocurrency tax evasion, so it's crucial to report your transactions accurately. Venmo is a popular platform for buying and selling cryptocurrencies, and the IRS expects individuals to report any gains or losses from these transactions on their tax returns. Make sure to consult with a tax professional if you're unsure about how to report your cryptocurrency transactions on Venmo.
  542181
• Nov 29, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can confirm that cryptocurrency transactions on Venmo are indeed subject to IRS reporting requirements. The IRS has been actively monitoring cryptocurrency transactions and has issued guidelines on how to report them. Venmo is no exception, and any gains or losses from cryptocurrency transactions made on the platform need to be reported on your tax return. It's important to stay compliant with IRS regulations to avoid any potential legal issues or penalties.
  509128