Cash App pairs perfectly with Koinly to make crypto taxes easy! 🤝 Connect Square Cash App to Koinly to quickly calculate your taxes. ⚡ Just follow a few simple steps! 🖱️
There are two kinds of tax that may apply to your Bitcoin transactions in Cash App - Capital Gains Tax and Income Tax.
Cash App provides US users who have transacted with Bitcoin with a Form 1099-B. However, as most investors are aware, most platforms have difficulty tracking cost basis if you've moved Bitcoin into your Cash App, and any Bitcoin transferred from your Cash App account to another wallet will not be included. So often, these forms are not helpful in reporting your crypto taxes.
Cash App does not provide UK users with any tax documents.
If you need to report your crypto taxes to the IRS or HMRC in a snap - Koinly can help. All you need is a CSV file of your Cash App transaction history to upload to Koinly.
Once you've uploaded, Koinly becomes the ultimate Cash App tax tool. Koinly will calculate your Cash App taxes based on your location and generate your crypto tax report, all within 20 minutes. All you’ll need to do at tax time is download the crypto tax report you need from Koinly and report it to the IRS or HMRC.
Yes. Cash App reports to the IRS. Any users transacting with Bitcoin via Cash App will receive a 1099-B form. Whenever you receive a 1099-B form, so does the IRS.
If you need advice connecting Square Cash App with Koinly, these resources might help: