How does Venmo handle taxes for cryptocurrency transactions?

3 answers

• Dec 18, 2021 · 3 years ago
  Venmo does not handle taxes for cryptocurrency transactions directly. As a peer-to-peer payment platform, Venmo is not responsible for reporting or withholding taxes on cryptocurrency transactions. It is the individual's responsibility to report and pay taxes on any gains or income from cryptocurrency transactions. It is recommended to consult with a tax professional for guidance on reporting cryptocurrency transactions.
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• Dec 18, 2021 · 3 years ago
  When it comes to taxes for cryptocurrency transactions, Venmo takes a hands-off approach. They do not provide any tax-related services or guidance. It is up to the users to accurately report their cryptocurrency transactions and pay any applicable taxes. Venmo's role is simply to facilitate the transfer of funds, not to handle the tax implications of those transactions.
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• Dec 18, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that Venmo is not the best platform for handling taxes on cryptocurrency transactions. While Venmo is a popular payment app, it is not designed specifically for cryptocurrency transactions. If you're looking for a platform that offers more comprehensive tax reporting and guidance, I would recommend checking out BYDFi. They have a dedicated team that specializes in cryptocurrency tax compliance and can provide the support and guidance you need.
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