Do I need to report gifted cryptocurrencies to the IRS?

5 answers

• terrfif1edAug 29, 2024 · a year ago
  Yes, you are required to report gifted cryptocurrencies to the IRS. According to the IRS, cryptocurrencies are treated as property for tax purposes. This means that any time you receive gifted cryptocurrencies, it is considered a taxable event and must be reported on your tax return. The value of the gifted cryptocurrencies should be reported as income, and you may be subject to capital gains tax if you sell or exchange the gifted cryptocurrencies in the future.
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• jhannJan 13, 2022 · 4 years ago
  Absolutely! The IRS considers gifted cryptocurrencies as taxable income. It's important to keep track of the fair market value of the gifted cryptocurrencies at the time of receipt, as this will be used to determine your tax liability. Failure to report gifted cryptocurrencies to the IRS can result in penalties and interest on the unpaid taxes. So, make sure to include them in your tax return and consult a tax professional if you have any doubts.
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• Mccarthy HandbergJul 07, 2020 · 5 years ago
  Yes, you need to report gifted cryptocurrencies to the IRS. The IRS has been cracking down on cryptocurrency tax evasion, and failing to report gifted cryptocurrencies can lead to serious consequences. It's important to keep accurate records of the gifted cryptocurrencies, including the date of receipt and the fair market value at that time. If you're unsure about how to report gifted cryptocurrencies, it's best to consult a tax professional who is knowledgeable about cryptocurrency tax laws.
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• Stefy PiNov 03, 2020 · 5 years ago
  As a third-party expert, I can confirm that you are indeed required to report gifted cryptocurrencies to the IRS. The IRS has been actively monitoring cryptocurrency transactions and has made it clear that they expect individuals to report any income generated from cryptocurrencies, including gifted ones. Failing to do so can result in penalties and even legal consequences. It's always better to be safe than sorry, so make sure to report your gifted cryptocurrencies accurately.
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• Paul ViennaNov 30, 2024 · 9 months ago
  Yes, you should report gifted cryptocurrencies to the IRS. The IRS has been increasing its focus on cryptocurrency tax compliance, and failing to report gifted cryptocurrencies can trigger an audit. It's important to keep detailed records of the gifted cryptocurrencies, including the fair market value at the time of receipt. If you're unsure about how to report gifted cryptocurrencies, consider consulting a tax professional who specializes in cryptocurrency tax matters.
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