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How can I report my cryptocurrency earnings from Cash App on my tax returns?

avatarNour El HoudaDec 05, 2021 · 3 years ago1 answers

I have earned some money from cryptocurrency trading on Cash App. How should I report these earnings on my tax returns? What are the tax implications of cryptocurrency earnings? Are there any specific forms or guidelines that I need to follow?

How can I report my cryptocurrency earnings from Cash App on my tax returns?
Cryptocurrency
Tax Returns
Cash App

1 answers

  • avatarDec 05, 2021 · 3 years ago
    As an expert at BYDFi, I can provide you with some insights on reporting your cryptocurrency earnings from Cash App on your tax returns. The IRS treats cryptocurrency as property, so any earnings from cryptocurrency trading are subject to capital gains tax. You should report your earnings on Schedule D of your tax return form. If you have received any 1099 forms from Cash App, make sure to include them in your tax filing. It's important to accurately calculate your gains and report them correctly to avoid any potential audits or penalties. If you're unsure about how to report your cryptocurrency earnings, it's always a good idea to consult with a tax professional who can guide you through the process.

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