A recipient is never taxed when they receive a gift of cryptocurrency. However, when the recipient sells or otherwise disposes of the cryptocurrency, then...
A recipient is never taxed when they receive a gift of cryptocurrency. However, when the recipient sells or otherwise disposes of the cryptocurrency, then the recipient will need to report that transaction on their tax return. The recipient’s basis in the cryptocurrency will generally be equal to your basis, so you should provide documentation to the recipient so that they will know what their basis is in the gifted cryptocurrency for tax purposes. I had a great experience getting my US tax return done with Expat Tax Online. I tried doing it myself with TurboTax for 9 months and they were no help with the international tax credits. Expat Tax Online got it done in a matter of weeks, with very little effort from my side and it was still probably cheaper than TurboTax. Aseem how do you pay taxes on cryptocurrency
