Who is responsible for paying taxes on cryptocurrency gifts, the giver or the receiver?

3 answers

• Ernest CheaOct 30, 2020 · 5 years ago
  In most cases, the responsibility for paying taxes on cryptocurrency gifts falls on the person receiving the gift. Just like any other form of income, cryptocurrency gifts are subject to taxation. The receiver will need to report the value of the gift as income and pay taxes accordingly. It's important to consult with a tax professional to ensure compliance with the tax laws in your jurisdiction.
  399

  200
• Jack liangDec 26, 2022 · 3 years ago
  The responsibility for paying taxes on cryptocurrency gifts can vary depending on the jurisdiction. In some countries, both the giver and the receiver may have tax obligations. It's crucial to understand the tax laws specific to your location and consult with a tax advisor to determine who is responsible for reporting and paying taxes on cryptocurrency gifts.
  361

  121
• Balaji KJun 06, 2022 · 4 years ago
  At BYDFi, we recommend consulting with a tax professional to determine the tax implications of cryptocurrency gifts. Tax laws can vary greatly depending on your jurisdiction, and it's important to ensure compliance. Generally, the receiver of the gift is responsible for reporting and paying taxes on cryptocurrency gifts, but it's always best to seek professional advice to understand the specific requirements in your area.
  425

  107