Using Cash App and TaxBit
Cash App is partnering with TaxBit to simplify your U.S. individual income tax filing process for Bitcoin transactions. TaxBit helps you generate an IRS Form 8949 to calculate and report any capital gains and losses associated with your bitcoin transactions. TaxBit is free to use when you sign up with your Cash App account.
Learn how to calculate gains and losses with Cash App and TaxBit by following the steps below after logging into or creating your TaxBit account. Your Transactions CSV will be available for download February 15.
To download your Transactions CSV:
- Navigate to Cash App on your desktop
- Click Settings
- Look for Bitcoin under the Taxes section
- Next, tap on your Transactions CSV to download.
- After downloading, this CSV will need to be manually imported into TaxBit to create your IRS Form 8949.
- Your most recent Transactions CSV will include all Cash App bitcoin transactions from the chosen year and will include transactions from previous years.
- If you have previously uploaded a Cash App Bitcoin CSV into TaxBit, you will need to open the CSV and remove any transactions previously uploaded into TaxBit. This will prevent any duplicate transactions.
- Note that this CSV file may contain peer-to-peer transactions involving Bitcoin on Cash App with other Cash App users or transactions involving any external Bitcoin wallet outside of Cash App that may give rise to a taxable gain, loss, gift or other reportable event on your income tax return. In addition, if you received Bitcoin on Cash App via a peer-to-peer transaction or from an external Bitcoin wallet, and sell such Bitcoin on Cash App, you may need to manually enter your cost basis in such Bitcoin on TaxBit. You are urged to consult with your own tax advisor regarding any such peer-to-peer or external wallet Bitcoin transactions.
Where Can I Get Help With Using TaxBit?
For help importing your Cash App Transactions CSV into TaxBit, filing with Cash App Taxes, and for more information about the IRS Form 8949, check out TaxBit’s help center.
- Cash App CSV Guide
- Cash App Taxes Import (Mobile)
- Filing with Cash App Taxes
- All About The 8949 Form
Where Can I Get Help With Using Cash App Taxes?
For more information on Cash App Taxes, visit the Cash App Taxes Support Center.
The tax treatment of bitcoin transactions is complex. It is your responsibility to determine what taxes, if any, arise from your transactions involving bitcoin on Cash App. You acknowledge and agree you are solely responsible for calculating, determining, reporting and paying any applicable taxes arising from your bitcoin transactions on Cash App, including the determination of whether any gains or losses from those transactions are capital gains or losses reportable on your IRS Form 8949. Cash App does not provide tax or legal advice. If you have questions about your particular tax or legal situation you should consult a tax advisor or attorney.