CoinCash App

How to Do Your Cash App Taxes

How To Do Your Cash App Taxes

CoinLedger imports Cash App data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Cash App Tax Reporting

You can generate your gains, losses, and income tax reports from your Cash App investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Cash App exports a complete Transaction History file to all users. Simply navigate to your Cash App account and download your transaction history from the platform.
  • Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Cash App Tax Reporting

You can generate your gains, losses, and income tax reports from your Cash App investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Cash App supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CoinLedger to your Cash App account with the read-only API.
  • Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Cash App Tax Reporting

You can generate your gains, losses, and income tax reports from your Cash App investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Cash App account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your Cash App Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Cash App and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Cash App Tax Reporting

You can generate your gains, losses, and income tax reports from your Cash App investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Cash App account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Cash App Transaction History CSV file to CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Cash App Tax Reporting

You can generate your gains, losses, and income tax reports from your Cash App investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:

  • Navigate to your Cash App account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Cash App Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Cash App. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Cash App's reporting is that it only extends as far as the Cash App platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Cash App, Cash App can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

Did you sell Bitcoin on Cash App this year? 

If the answer is yes, it’s likely that you have a tax liability to pay. Unfortunately, exchanges like Cash App don’t always have the ability to provide you with accurate crypto tax forms. That means the burden for accurately reporting your taxes falls onto you. 

In this article, we’ll explain how your Bitcoin transactions on Cash App are taxed and break down a simple 4-step process to reporting your Cash App transactions on your tax return. 

What is Cash App?

Cash App was launched by the payments company Square back in 2013. Since then, Cash App has become one of the most popular payments apps in the United States, boasting more than 70 million users in 2021. 

Cash App offers a host of different financial services to its users, including peer-to-peer transactions, stock trading, and debit card offerings. Since 2018, the app has allowed users to buy, sell, and transfer Bitcoin. 

Crypto taxes 101 

In the United States, cryptocurrency is taxed as property, just like stocks or real estate. 

When you dispose of cryptocurrency, you’ll incur capital gains or losses depending on how the price of your cryptocurrency has fluctuated since you originally received it. Selling your cryptocurrency on Cash App is considered a disposal event. 

Cash app bitcoin tax reporting example

For more information, check out our complete guide to cryptocurrency taxes

What tax forms does Cash App provide? 

Currently, Cash App provides a 1099-B to any user that’s sold Bitcoin in the past year. This form reports gross proceeds from your Bitcoin sales.

 However, the form often leaves the Cost Basis field of 1099-B completely blank. If you ever transferred bitcoin into or out of Cash App, it’s likely you will have blank Cost Basis fields on your Cash App 1099-B. This is problematic when it comes to tax reporting because cost basis information is necessary for calculating your gains and losses.

Does Cash App report to the IRS? 

Yes. Any 1099-B form that is sent to a Cash App user is also sent to the IRS. 

Remember, there is no legal way to evade cryptocurrency taxes. Not filing your cryptocurrency taxes is considered tax fraud and is punishable through a maximum penalty of $100,000 and potential jail time. 

Why doesn’t Cash App provide me with my full tax records? 

Cash App’s website states the following. 

Cash App only provides records of your bitcoin transactions on Cash App. If you trade cryptocurrencies on other exchanges you will need to obtain transaction and tax information from them.

This approach to tax reporting is not unique to Cash App — most cryptocurrency exchanges follow similar policies. 

Because of the peer-to-peer nature of cryptocurrency, investors often transfer their holdings to different exchanges and different wallets. Unfortunately, that makes it difficult for exchanges to provide complete tax reports since they don’t have access to customer transactions that take place on different platforms. 

Luckily, there is an easy way for crypto investors to file their taxes: leveraging crypto tax software. With CoinLedger, you can get a complete record of your crypto gains and losses across different exchanges and easily generate a tax report. 

4 easy steps to report your Cash App taxes 

Here’s how you can report your Cash App taxes in minutes using CoinLedger. 

Step 1:

Login to Cash App from a computer.

Step 2:

Click ‘Statements’ on the top right-hand corner. 

Step 3:

Click Export CSV

Step 4:

Navigate to the Cash App tab on CoinLedger and upload your CSV file.

Cash app taxes

And that’s it! If you’re using other cryptocurrency exchanges, you can import all of your transactions into CoinLedger. Once you’re finished, you’ll be able to generate a complete tax report with the click of a button. 

Get a free Bitcoin tax preview report today

Don’t wait until the deadline to file your taxes. Join the 300,000+ investors who use CoinLedger to file their Bitcoin and cryptocurrency taxes today. 

Get started with a free preview report.

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