Are there any specific tax forms or requirements for including Cash App transactions related to digital currencies?

3 answers

• PRIYANKA UOct 18, 2020 · 5 years ago
  Yes, when it comes to including Cash App transactions related to digital currencies in your tax filings, there are specific tax forms and requirements that you need to be aware of. The IRS treats digital currencies like Bitcoin as property, which means that any gains or losses from their sale or exchange are subject to capital gains tax. You will need to report these transactions on your tax return using Form 8949 and Schedule D. It is important to keep accurate records of your transactions, including the date, amount, and purpose of each transaction, as well as the fair market value of the digital currency at the time of the transaction. If you have any doubts or need further guidance, it is recommended to consult with a tax professional.
  749

  375
• Meyers RosarioOct 10, 2021 · 4 years ago
  Absolutely! Including Cash App transactions related to digital currencies in your tax filings requires specific tax forms and requirements. The IRS considers digital currencies as property, so any gains or losses from their sale or exchange are subject to capital gains tax. To report these transactions, you will need to use Form 8949 and Schedule D. Make sure to keep detailed records of your transactions, including the date, amount, purpose, and fair market value of the digital currency at the time of the transaction. If you're unsure about how to proceed, it's always a good idea to seek advice from a tax professional who specializes in cryptocurrency taxation.
  669

  223
• sthephnus saleemJan 02, 2023 · 3 years ago
  Yes, there are specific tax forms and requirements for including Cash App transactions related to digital currencies in your tax filings. The IRS treats digital currencies as property, so any gains or losses from their sale or exchange are subject to capital gains tax. You will need to report these transactions using Form 8949 and Schedule D. It's important to keep accurate records of your transactions, including the date, amount, purpose, and fair market value of the digital currency at the time of the transaction. If you have any questions or need assistance, you may consider reaching out to a tax professional for guidance.
  633

  159