How does gifting cryptocurrency impact my capital gains tax?

3 answers

• anainfoAug 24, 2020 · 5 years ago
  When you gift cryptocurrency, it is considered a taxable event. The value of the cryptocurrency at the time of the gift will determine the amount of capital gains tax you may owe. It's important to keep track of the fair market value of the cryptocurrency at the time of the gift for tax purposes. Consult with a tax professional for specific advice on how to report and pay capital gains tax on gifted cryptocurrency.
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• McDougall SamuelsenDec 11, 2020 · 5 years ago
  Gifting cryptocurrency can have tax implications, as it is considered a transfer of property. The recipient of the gift will generally assume the cost basis of the cryptocurrency at the time of the gift. If the recipient later sells the gifted cryptocurrency, they may be subject to capital gains tax based on the difference between the cost basis and the sale price. It's advisable to consult with a tax professional to understand the specific tax rules and implications of gifting cryptocurrency in your jurisdiction.
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• ailurusDec 13, 2021 · 4 years ago
  When you gift cryptocurrency, you may trigger a taxable event. The tax implications will depend on the jurisdiction you are in. In some cases, the recipient of the gift may need to pay capital gains tax when they sell or dispose of the gifted cryptocurrency. It's important to consult with a tax advisor or accountant to understand the specific tax rules and regulations that apply to gifting cryptocurrency in your country.
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