Cryptocurrency Q&A
Can I gift crypto to a friend?
Can I gift crypto to a friend?
Sebastiano
Thu Dec 26 2024
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5 answers
763
I want to know if it's possible to give some of my cryptocurrency as a gift to a friend. Is there a way to do this?
5 answers
AzurePulseStar
Sat Dec 28 2024
The FMV is crucial in determining the tax obligation as it sets the benchmark for what is considered a taxable gift.
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EthereumEmpire
Sat Dec 28 2024
For instance, if the FMV of the cryptocurrency exceeds $19,000 in 2025, the sender will be required to fill out IRS Form 701.
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KDramaLegend
Sat Dec 28 2024
When sending cryptocurrency as a gift, you are not required to pay taxes as long as the value of the gift remains below $19,001.
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GangnamGlitzGlamourGlory
Sat Dec 28 2024
This form is used to report gifts that exceed the annual exclusion amount, which is currently set at $19,001.
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Chiara
Sat Dec 28 2024
This threshold is determined by the fair market value (FMV) of the cryptocurrency on the day it is sent.
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