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New Member
posted May 10, 2024 6:18:18 PM

If I have over $2,500 in Bitcoin transactions through CashApp, would taxes be owed to me?

CashApp charges a certain amount to buy Bitcoin (less than $1), as well as withdraw BTC (approximately $2-$5) per withdraw.

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3 Replies
Level 15
May 10, 2024 6:58:25 PM

The sale of Bitcoins is reportable as gain or loss on the sale of a capital asset. form 8949, schedule D 

 

New Member
May 10, 2024 7:16:37 PM

Sorry but that doesn't really answer my question.

Level 8
May 11, 2024 7:23:32 AM

You are owed a refund when you paid more taxes than the amount that you owe.  It is based on your income and the amount that you have withheld or pay yourself during the year.  Any gain from Bitcoin is taxable.