Bitcoin/CashApp a tax Forms

[tren_plz]

As long as you don't have a capital gain over a certain amount you don't have to disclose from what I'm told. Also when sending with cash app or venmo never send as purchasing a product, cause then the recipient gets a fee and does have to file that. Had a few send to me as a purchase. I had to message cashapp to cancel transaction. They were trying to be slick incase the source F'ed me they could get their money back from me.

This is what my CPA told me and she knows why I use it.

 

[cage99]

Revisiting this. On TurboTax they asked me about crypto, has anyone used them to file?

Say in 2021 I bought 500$ worth of BTC. Then sent them to an electrum wallet then sent them immediately for metformin or berberine, do I report I bought them sent 500$? How do they know the dates, If it went up a few cents between the time I bought and sold?

I guess all they see is I used cashapp to buy then sent to an anonymous wallet. I don't think an electrum wallet is associated with you, so for all they know you saved it?

This shit is confusing.

I used TT to file, and didn’t do anything in regards to crypto… Like what’s been mentioned, I’m not making any gains from it. So it’s not gonna be reported from me!

Cage