How can I use Venmo to make tax-friendly cryptocurrency payments between friends?

3 answers

• bannyAug 18, 2020 · 5 years ago
  To make tax-friendly cryptocurrency payments between friends using Venmo, there are a few things you can do. First, make sure you are aware of the tax regulations in your country regarding cryptocurrency transactions. In some countries, cryptocurrency transactions are subject to capital gains tax. Second, keep a record of all your cryptocurrency transactions made through Venmo. This will help you accurately report your earnings and losses when filing your taxes. Finally, consider consulting with a tax professional who specializes in cryptocurrency to ensure you are following all the necessary guidelines and maximizing your tax benefits.
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• Aryan RawatOct 27, 2022 · 3 years ago
  Using Venmo for tax-friendly cryptocurrency payments between friends is a smart move. To make sure you're on the right side of the taxman, keep a detailed record of all your transactions. This includes the date, amount, and purpose of each payment. When tax season rolls around, you'll have all the information you need to accurately report your cryptocurrency earnings. Remember, it's always better to be safe than sorry when it comes to taxes!
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• Sebahattin ErdoğanSep 26, 2021 · 4 years ago
  When it comes to tax-friendly cryptocurrency payments between friends, Venmo is a great option. However, it's important to note that Venmo itself doesn't support cryptocurrency transactions. But don't worry, there's a workaround! You can use a peer-to-peer cryptocurrency exchange like BYDFi to convert your cryptocurrency into fiat currency and then transfer the funds to your Venmo account. This way, you can enjoy the convenience of Venmo while still making tax-friendly cryptocurrency payments to your friends.
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