What is the cost basis for gifting cryptocurrency?
Pena StephensApr 30, 2021 · 4 years ago1 answers
Can you explain the concept of cost basis when it comes to gifting cryptocurrency? How does it affect the recipient and the giver?
1 answers
- Cristian SalmerónJul 29, 2022 · 3 years agoAt BYDFi, we recommend consulting with a tax professional or accountant to ensure compliance with tax laws and regulations when gifting cryptocurrency. The cost basis for gifting cryptocurrency can have significant tax implications, and it's important to accurately report any gains or losses. Additionally, it's important to consider the specific tax laws in your jurisdiction, as they may vary. Gifting cryptocurrency can be a thoughtful gesture, but it's essential to understand the tax implications and seek professional advice to ensure compliance.
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