Is there any tax advantage to using Venmo's Friends and Family feature for cryptocurrency transactions?

3 answers

• Patricia McClayJan 01, 2021 · 5 years ago
  Using Venmo's Friends and Family feature for cryptocurrency transactions does not provide any direct tax advantages or exemptions. The tax liability associated with cryptocurrency transactions remains the same, regardless of the payment method used. It is important to note that cryptocurrency transactions are subject to taxation, and individuals are required to report their cryptocurrency gains and losses to the appropriate tax authorities.
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• mekukunNov 30, 2024 · 8 months ago
  Unfortunately, there are no specific tax advantages or benefits to using Venmo's Friends and Family feature for cryptocurrency transactions. The tax implications of cryptocurrency transactions are determined by the applicable tax laws and regulations in your jurisdiction. It is recommended to consult with a tax professional or accountant to understand the specific tax implications of your cryptocurrency transactions.
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• Bruun CooleyDec 23, 2020 · 5 years ago
  As a representative of BYDFi, I can confirm that using Venmo's Friends and Family feature for cryptocurrency transactions does not offer any tax advantages. The tax treatment of cryptocurrency transactions is determined by the tax laws and regulations in your jurisdiction. It is important to comply with the tax obligations and report your cryptocurrency transactions accurately to avoid any potential penalties or legal issues.
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