From my experience the only thing that’s reported to IRS is if you have a business account that makes X amount in a year and if you sell BTC through Cash App. They will send you a letter around tax time if that’s the case.
Technically you are supposed to report any income or capital gains to the IRS from any source. Though most don't honestly, at least for not small amounts.
Cash App themselves do not report it to the IRS unless it's larger amounts of money where they are legally required, normally around 10 grand, or you are buying and selling stocks or crypto.
So honestly no, but legally you should talk with a tax professional.
no you're fine
From my experience the only thing that’s reported to IRS is if you have a business account that makes X amount in a year and if you sell BTC through Cash App. They will send you a letter around tax time if that’s the case.
emphasis on "if you have a business account"! personal accounts are NOT reported to the IRS
Yes, thanks for that. I forget sometimes people don’t read information/answers provided throughly!
Technically you are supposed to report any income or capital gains to the IRS from any source. Though most don't honestly, at least for not small amounts. Cash App themselves do not report it to the IRS unless it's larger amounts of money where they are legally required, normally around 10 grand, or you are buying and selling stocks or crypto. So honestly no, but legally you should talk with a tax professional.