Cryptocurrency Q&A
What happens when I sell my Bitcoin on Cash App?
What happens when I sell my Bitcoin on Cash App?
Rosalia
Thu Sep 05 2024
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6 answers
1715
I'm curious to know, what exactly takes place when I decide to sell my Bitcoin on the Cash App? Will the process be seamless? How does the transaction get verified and recorded on the blockchain? Will there be any fees involved in the sale? And how long will it take for the funds from the sale to reflect in my Cash App balance? I'm also wondering if there are any security measures in place to ensure the safety of my transaction. Additionally, what happens to the Bitcoin I'm selling – does it get back into circulation or is it permanently removed from the market?
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6 answers
CherryBlossomKiss
Sat Sep 07 2024
Upon receipt of this information, Cash App will generate an IRS Form 1099-B, detailing the sales transactions made using the app.
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CryptoPioneer
Sat Sep 07 2024
When engaging in the sale of Bitcoin through the Cash App, it is essential to be aware of potential tax implications.
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CherryBlossomFall
Sat Sep 07 2024
Depending on the nature of the sale, individuals may be liable to pay taxes on the proceeds generated.
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GwanghwamunGuardianAngelWings
Sat Sep 07 2024
To facilitate tax reporting, Cash App offers users the option to provide their IRS Form W-9 information within the app.
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SamsungShiningStar
Fri Sep 06 2024
It is important to note that Cash App does not calculate or report the cost basis of Bitcoin sales to the IRS.
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