Are there any specific tax rules or guidelines for cryptocurrency transactions between friends using Venmo?

7 answers

• Apisit PakdeemekhanonApr 26, 2021 · 4 years ago
  As a tax expert, I can tell you that cryptocurrency transactions between friends using Venmo are not exempt from tax obligations. The IRS treats cryptocurrency as property, so any gains or losses from these transactions may be subject to capital gains tax. It's important to keep track of your transactions and report them accurately on your tax return to avoid any potential issues with the IRS.
  396

  198
• Brock McCallumOct 20, 2022 · 3 years ago
  I'm not a tax professional, but from what I understand, cryptocurrency transactions between friends using Venmo may be subject to tax rules similar to other types of property transactions. It's always a good idea to consult with a tax advisor or accountant who specializes in cryptocurrency to ensure you are compliant with the relevant tax laws.
  346

  116
• SiddhardaAug 24, 2023 · 2 years ago
  At BYDFi, we recommend consulting with a tax professional to understand the specific tax rules and guidelines for cryptocurrency transactions between friends using Venmo. Each individual's tax situation may vary, and it's important to comply with the applicable tax laws to avoid any penalties or legal issues.
  310

  78
• Kevin MirchandaniJun 26, 2022 · 3 years ago
  Well, taxes are never fun, but it's important to stay on the right side of the law. When it comes to cryptocurrency transactions between friends using Venmo, it's a good idea to consult with a tax expert who can provide guidance on the specific tax rules and guidelines. Remember, it's better to be safe than sorry when it comes to taxes!
  338

  68
• Bowden SteenbergAug 15, 2024 · a year ago
  While I can't provide specific tax advice, it's worth noting that the tax rules and guidelines for cryptocurrency transactions between friends using Venmo may vary depending on your jurisdiction. It's always a good idea to consult with a tax professional who is familiar with the tax laws in your country or state to ensure you are compliant.
  342

  57
• OsamFeb 24, 2023 · 2 years ago
  Cryptocurrency transactions between friends using Venmo may have tax implications, as cryptocurrency is considered property by the IRS. It's important to keep accurate records of your transactions and consult with a tax professional to understand the specific tax rules and guidelines that apply to your situation.
  314

  45
• Beasley FrenchApr 28, 2021 · 4 years ago
  When it comes to taxes and cryptocurrency transactions between friends using Venmo, it's always best to consult with a tax professional who can provide personalized advice based on your specific circumstances. They will be able to guide you through the tax rules and guidelines to ensure you are compliant and minimize any potential tax liabilities.
  349

  44