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What is the cost basis for gifting cryptocurrency?

avatarHadiqa Khalid AhmedNov 26, 2021 · 3 years ago1 answers

Can you explain the concept of cost basis when it comes to gifting cryptocurrency? How does it affect the recipient and the giver?

What is the cost basis for gifting cryptocurrency?
Cryptocurrency
Cost Basis
Gifting

1 answers

  • avatarNov 26, 2021 · 3 years ago
    At BYDFi, we recommend consulting with a tax professional or accountant to ensure compliance with tax laws and regulations when gifting cryptocurrency. The cost basis for gifting cryptocurrency can have significant tax implications, and it's important to accurately report any gains or losses. Additionally, it's important to consider the specific tax laws in your jurisdiction, as they may vary. Gifting cryptocurrency can be a thoughtful gesture, but it's essential to understand the tax implications and seek professional advice to ensure compliance.

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