Cryptocurrency Q&A
Is receiving crypto as a gift taxable?
Is receiving crypto as a gift taxable?
MoonlitCharm
Mon Nov 18 2024
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7
answers
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I received some cryptocurrency as a gift from a friend, and I'm wondering if I need to pay taxes on it. Is receiving crypto as a gift considered taxable income by the government?
7 answers
Alessandra
Wed Nov 20 2024
Receiving a cryptocurrency gift does not constitute a taxable event.
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ZenBalance
Wed Nov 20 2024
This means that the recipient of the gift is not obligated to treat the newly acquired cryptocurrency as income.
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Carlo
Wed Nov 20 2024
Taxation comes into play only when the recipient decides to dispose of the cryptocurrency.
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CryptoNerd
Tue Nov 19 2024
Disposal can include selling the cryptocurrency, using it to purchase goods or services, or trading it for another cryptocurrency.
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EthereumEmpress
Tue Nov 19 2024
At the point of disposal, the recipient may be subject to capital gains tax.
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