My dumb ass tried out Cash App's bitcoin feature

[Big Boda]

Learn from my dumb ass decision DO NOT even put the littlest bit of money on cashapp's bitcoin feature they work with them Folks you have to report it on your taxes even if its $10-$20 smfh

bitcoin is not anonymous with cashapp ..it was my first time ever trying cryptocurrency im done

 

[old pig]

damn...good looks

 

[Big Boda]

damn...good looks

bro cashapp will email you the tax document right at tax season aint no telling what kinda penalties in store because safe to say the govt does not like people using cryptocurrency instead of dollars. i just put $20 on their cashapp feature Last year and took it right back out like nah im cool.

 

[Ghostface Trillah]

I just got a cashapp two days ago to receive a payment and didn't need the money so I was dead ass going to use it to buy bitcoin on there tomorrow

Have this rep

 

[humminbird]

You’re fine if it’s less than $600 the capital gains are nonexistent
They just want you to claim it to track you later

 

[Big Boda]

You’re fine if it’s less than $600 the capital gains are nonexistent
They just want you to claim it to track you later

the document cashapp sent me for the lil 20 dollars i spent in 2019 looks like they report it to the Feds i cannot fuk with that.

 

[humminbird]

the document cashapp sent me for the lil 20 dollars i spent in 2019 looks like they report it to the Feds i cannot fuk with that.

Yeah I’m not saying don’t report it I’m just saying that’s what happened
After the bitcoin bubble burst a lot of people got away with not paying taxes on their gains

 

[MR. SNIFLES]

IT ISN'T TRACKED THE WAY YOU THINK. ALL THE GOVERNMENT KNOWS IS YOU BOUGHT AND/OR SOLD CURRENCY AND HOW MUCH. THEY WON'T KNOW WHERE YOU SPEND IT UNLESS YOU TRY TO SELL IT ON AN EXCHANGE OF SOME SORT.