We can’t give tax advice and encourage you to talk to a tax professional about your personal financial situation. That said, here’s some general information to get you started.
Crypto transactions are taxed similarly to property transactions. You are responsible for reporting crypto transactions to the IRS. If you buy crypto using the Public app and hold that crypto, typically the transaction will not be taxed by the IRS because you haven’t realized any capital gain or loss. If you sell crypto using the Public app and receive cash, typically the IRS will tax you on any capital gains. If you made a capital loss on the sale, then you could be entitled to a tax deduction.
The gain and loss statement will become available in the first quarter of each year. We notify our members when these documents are made available.
To access your documents from your Public mobile app:
Tap the Account icon 👤 in the bottom right corner
Tap Settings ⚙️ in the top right corner.
Scroll down to the Documents section.
Tap Tax Documents.
Please note this is for informational purposes only and should not be considered as tax advice. You are responsible for reporting your crypto transactions to the IRS and paying the required taxes. Public members should consult their tax advisors concerning any applicable tax laws.
If you ever have questions, the team is always here for you, so feel free to give us a shout on the app’s Live Chat or via email at email@example.com! 😁