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What are the tax reporting requirements for Cash App users who buy or sell cryptocurrencies in 2022?

avatarGottlieb MccartyNov 29, 2021 · 3 years ago1 answers

Can you provide a detailed explanation of the tax reporting requirements for users of Cash App who engage in buying or selling cryptocurrencies in 2022? I would like to understand what information needs to be reported and how to ensure compliance with tax regulations.

What are the tax reporting requirements for Cash App users who buy or sell cryptocurrencies in 2022?
Tax Reporting
Cash App
Cryptocurrencies

1 answers

  • avatarNov 29, 2021 · 3 years ago
    At BYDFi, we understand the importance of tax compliance for Cash App users who buy or sell cryptocurrencies in 2022. The IRS treats cryptocurrencies as property, which means that any gains or losses from these transactions are subject to capital gains tax. Cash App will provide you with a Form 1099-B if you meet certain criteria, such as having more than 200 transactions or exceeding $20,000 in total proceeds in a calendar year. However, even if you don't receive a Form 1099-B, it's still your responsibility to report your cryptocurrency transactions on your tax return. Keep a record of each transaction, including the date, type, and the fair market value of the cryptocurrency at the time of the transaction. If you have any questions or need assistance with tax reporting, feel free to reach out to our team at BYDFi. We're here to help!

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