Connect Cash App with Koinly to calculate your crypto tax
Formerly Squash Cash, Cash App is a mobile payment service with more than 70 million users across the US and the UK. As well as supporting fiat currency, Cash App also supports Bitcoin, letting investors buy, sell, send, and receive Bitcoin easily with low fees. Whatever your Bitcoin investments, Koinly can help with your Cash App taxes.
How are Cash App transactions taxed?
There are two kinds of tax that may apply to your Bitcoin transactions in Cash App - Capital Gains Tax and Income Tax.
- Capital Gains Tax: You'll pay Capital Gains Tax on any profits any time you sell Bitcoin via Cash App.
- Income Tax: If you're being paid in Bitcoin and receiving it on Cash App, you'll need to pay Income Tax upon receipt based on the fair market value of BTC in USD or GBP on the day you received it.
Want to earn more about crypto tax in the US or the UK? See our US Crypto Tax Guide and UK Crypto Tax Guide.
Does Square Cash App provide tax documents?
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.
How to get your Square Cash App tax report with Koinly
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.
How to connect Square Cash App to Koinly via CSV
On Cash App
- Log in to Cash App on desktop.
- Select statements in the top right corner.
- Select export CSV.
On Koinly
- Sign up or log in to your Koinly account and go to the wallets page.
- Select add new wallet: Cash App.
- Select import from file.
- Upload your CSV file.
Does Square Cash App report to the IRS?
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.
How do I check if my Square Cash App import is accurate?
If you need advice connecting Square Cash App with Koinly, these resources might help:
- Try our help center for user guides.
- Search the FAQs in our discussion boards.
- Ask us - we’re on Twitter and Reddit.
- No luck? Contact us.