What are the capital gains implications for gifting cryptocurrency?

3 answers

• Dec 30, 2021 · 3 years ago
  When gifting cryptocurrency, there are potential capital gains tax implications. The recipient of the gift will need to consider the fair market value of the cryptocurrency at the time of the gift as their cost basis. If the recipient sells the gifted cryptocurrency in the future, they may be subject to capital gains tax on the difference between the fair market value at the time of the gift and the sale price. It's important to consult with a tax professional to understand the specific tax rules and implications in your jurisdiction.
  540270
• Dec 30, 2021 · 3 years ago
  Gifting cryptocurrency can have capital gains tax implications. The tax is typically calculated based on the fair market value of the cryptocurrency at the time of the gift. If the recipient decides to sell the gifted cryptocurrency, they may be subject to capital gains tax on the appreciation. It's important to keep track of the cost basis and consult with a tax advisor to ensure compliance with tax regulations.
  416139
• Dec 30, 2021 · 3 years ago
  When you gift cryptocurrency, there can be capital gains tax implications. The recipient will need to determine the fair market value of the cryptocurrency at the time of the gift, which will serve as their cost basis. If the recipient sells the gifted cryptocurrency in the future, they may be liable for capital gains tax on the difference between the cost basis and the sale price. It's crucial to seek professional advice from a tax expert to understand the specific tax rules and regulations in your jurisdiction. Please note that this answer is for informational purposes only and should not be considered as legal or tax advice. For personalized advice, consult with a qualified professional.
  699175