How does Venmo handle income tax reporting for cryptocurrency transactions?

3 answers

• BriefgardeNov 25, 2020 · 5 years ago
  Venmo does not currently support the direct buying, selling, or holding of cryptocurrency. Therefore, users do not need to worry about income tax reporting for cryptocurrency transactions on Venmo. However, it's important to note that if you transfer funds from a cryptocurrency exchange to your Venmo account, you may still need to report those transactions for tax purposes. It's always best to consult with a tax professional to ensure compliance with your local tax laws.
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• UN_F_AP_YDAug 06, 2024 · a year ago
  Venmo is primarily a peer-to-peer payment platform and does not provide specific tools for income tax reporting on cryptocurrency transactions. If you engage in cryptocurrency transactions outside of Venmo and need to report them for tax purposes, it's recommended to keep detailed records of your transactions, including the date, amount, and purpose of each transaction. This will help you accurately report your cryptocurrency income and comply with tax regulations.
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• Izhar AdraliDec 07, 2021 · 4 years ago
  As a representative of BYDFi, a digital currency exchange, I can provide some insights on income tax reporting for cryptocurrency transactions. Venmo, being a payment platform, does not directly handle cryptocurrency transactions. However, it's important to note that cryptocurrency transactions are subject to income tax in many jurisdictions. If you engage in cryptocurrency transactions, it's crucial to keep track of your transactions and consult with a tax professional to ensure proper income tax reporting.
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