Cryptocurrency Q&A
Who pays tax on gifted crypto?
Who pays tax on gifted crypto?
Silvia
Sat Mar 30 2024
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7 answers
1676
I'm somewhat confused about the taxation of cryptocurrencies when they are given as gifts. If someone were to give me a significant amount of cryptocurrency, would I be responsible for paying taxes on that? Or would the giver be taxed? Are there any specific rules or guidelines that apply to this situation? I'm particularly interested in the situation where the gift is given between individuals, not between entities or businesses. Could you please clarify this matter for me?
7 answers
EthanTaylor
Mon Apr 01 2024
Cryptocurrency gifts exceeding $17,000 in value during a tax year may require the completion of a gift tax return.
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Nicola
Sun Mar 31 2024
BTCC facilitates the buying, selling, and trading of various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
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WindRider
Sun Mar 31 2024
BTCC's secure platform allows users to store their cryptocurrencies safely and offers additional security features to protect against hacks and theft.
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DigitalDukedom
Sun Mar 31 2024
When disposing of a received cryptocurrency gift in the future, taxes may be applicable.
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HanRiverVisionary
Sun Mar 31 2024
Giving and receiving cryptocurrency gifts are typically not taxed in most scenarios.
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