How does Venmo handle taxation for cryptocurrency transactions?

3 answers

• MAKINZ CHAug 01, 2024 · a year ago
  Venmo does not handle taxation for cryptocurrency transactions directly. As a peer-to-peer payment platform, Venmo is not responsible for reporting or withholding taxes on cryptocurrency transactions. It is the individual's responsibility to report and pay taxes on their cryptocurrency earnings according to their local tax laws. Venmo provides transaction history and statements that users can use for tax purposes, but it is recommended to consult with a tax professional for accurate guidance.
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• Mahamadou SidibeJan 02, 2024 · 2 years ago
  When it comes to taxation for cryptocurrency transactions on Venmo, it's important to note that Venmo itself does not provide any tax-related services. As a user, you are responsible for understanding and complying with your tax obligations. Venmo may provide transaction history and statements that can be helpful for tax reporting, but it's always a good idea to consult with a tax professional to ensure you are meeting all the necessary requirements.
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• Miles ZhangMar 13, 2024 · a year ago
  Venmo, being a payment platform, does not directly handle taxation for cryptocurrency transactions. It is the responsibility of the individual user to report and pay taxes on their cryptocurrency earnings. Venmo provides transaction history and statements that can be used for tax purposes, but it is recommended to consult with a tax professional to ensure compliance with tax regulations. Additionally, it's important to stay updated on the latest tax laws and regulations regarding cryptocurrency in your jurisdiction.
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