If you have been trading, staking, or earning crypto on Square Cash App, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Square Cash App quick and easy by following these steps:
Square Cash App does not support API connection at the moment. Please upload a CSV file with your transactions instead.
Follow these steps to export your transactions from Square Cash App:
The exact tax implications on Square Cash App transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Square Cash App.
To learn more about how Square Cash App transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
First, you must calculate capital gains and income from all taxable transactions on Square Cash App. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made on Square Cash App. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your Square Cash App tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
While we strive every day to ensure the highest possible accuracy for importing transactions from Square Cash App to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Square Cash App with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
Start Live Chat!Other options for contacting support:
No, Square Cash App does not provide complete and ready-to-file tax documents. This is because Square Cash App does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
The easiest way to get tax documents and reports is to connect your Square Cash App account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Square Cash App.
No, Square Cash App does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Yes, all transactions on Square Cash App involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
No, transferring cryptocurrency to Square Cash App is not taxed as long as you transfer between your personal wallets or exchange accounts.
It is impossible to avoid paying taxes completely on Square Cash App legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
Square Cash App cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Square Cash App your entire life, it could technically do so.
Square Cash App is generally considered to be a safe exchange. Although Square Cash App follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Square Cash App.
