How Tax Reporting for Cash App works?

Certain Cash App accounts will receive tax forms for the 2018 tax year. Log in to your Cash App Dashboard on the web to download your forms. For any additional tax information, please reach out to a tax professional or visit the IRS website.

Tax Reporting with Cash for Business

Cash App for Business accounts will receive a 1099-K form for those who accept over $20,000 and more than 200 payments* per the calendar year cumulatively with Square.

*If you activated your Cash App account in Massachusetts or Vermont we are required to issue a 1099-K and report to your state when you accept $600 or more.

Log in to your Cash App Dashboard online to update your EIN or SSN for your business account so that all tax reporting will be associated with the correct information if you qualify.

Note: If you have both Cash for Business and Square Point of Sale accounts associated with your SSN, your total payment volume will be aggregated and reported on each 1099-K form.

For any additional tax information, please reach out to a tax professional or visit the IRS Form 1099-K Payment Card and Third Party Network Transactions site.

Bitcoin & Taxes

Will I need to pay taxes if I sell Bitcoin? 

Cash App will provide you with your Form 1099-B based on the Form W-9 information you provided in the app. For any specific tax advice, please reach out to a qualified tax advisor.

Do I qualify for a Form 1099-B?

 If you have sold Bitcoin during the reporting tax year, Cash App will provide you with a 1099-B form by February 15th of the following year of your Bitcoin Sale.

Where can I locate my Form 1099-B? 

The 1099-B will be available to download at https://cash.app/account.

Will the IRS receive a copy of my Form 1099-B? 

Cash App is required by law to file a copy of the Form 1099-B to the IRS for the applicable tax year.

How is the proceeds amount calculated on the form?

 The proceeds box amount on the Form 1099-B shows the net cash proceeds from your Bitcoin sales.

How do I figure out my gains or losses and cost basis?

 Please refer to your account activity history in Cash App to help compute your gains and losses over a given period. For any specific tax advice, please reach out to a qualified tax advisor

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