If I buy Bitcoin on cash app with my legal name, will this show up on my tax returns?

[_45mjack]

[humpbackjack]

You’re app has to report everything to the irs and security exchange and trust me just using a fake name isn’t going work most of those sites make you jump through several hoops just to deposit money into their app and the site I know about sends you an email with whatever you need for your taxes automatically. Also I’m not sure on this part but I can’t see how you would need to report anything unless you’ve actually made a profit or taken a loss cause just buying Bitcoin doesn’t mean you’ve made or loss anything until you sell it at a profit or a loss it’s very volatile to just tax you to own unless it’s like state tax or something but really if you’re in Bitcoin for the long haul then you should do it by the book and pay whatever they say so our government will quit acting like it’s only for criminals and will ease up on how ridiculous they’re being

[_45mjack]

Well in my case, I’m simply just buying the Bitcoin and sending it to someone else’s Bitcoin wallet. So, would this as all in anyway show up on my tax returns?

[Guy13]

Every financial movement you make shows up. Even money-laundering shows up. Currency exchange, unless you do it face-face with Local Mob, shows up. The government can make an electronic payment and then pull it back out like US did with Russia and Southeast Pipeline fiasco.

I bet you it shows up BUT why don’t you call and Accountant or IRS….

[WhatTheHeckkkk]

I would read the cash app FAQs and Help section.
https://cash.app/help/us/en-us/5640-tax-reporting-cash-app

[jamesgoldman]

Yeah only way to avoid that is use cash and don't get caught on camera be it withdrawing the cash, delivering the cash or handing over the cash

[_45mjack]

I understand this. But I’m talking about if for example I was to purchase Bitcoin with my legal name and then simply send it to another persons Bitcoin wallet. Would this show up on my tax returns?

[jamesgoldman]

Yeah they can monitor anything especially Bitcoin since it's early use was mainly criminal related

[jahaims]

It counts as earned income if you mine it or cash out.

[_45mjack]

What would it come up as if I just sent it to someone else’s wallet?

[jahaims]

If you transfer ownership that is considered a sale or the same as cashing out. You can transfer to multiple wallets tax free if you own the wallets *wink wink*

[Iron_Man]

Yes it will

[In_Trance]

Yeah