Cryptocurrency Q&A
Do I pay tax on gifted crypto?
Do I pay tax on gifted crypto?
DigitalDuke
Sat Mar 30 2024
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7 answers
1987
Good day, I have a question regarding cryptocurrencies. Recently, I received a gift of some cryptocurrency from a friend. Now, I'm a bit confused about the tax implications of this. Do I need to pay tax on the value of the gifted crypto? If so, how do I calculate the taxable amount? Also, are there any specific regulations or guidelines I should be aware of in this matter? I would appreciate it if you could provide me with some clarity on this matter. Thank you.
7 answers
Alessandro
Mon Apr 01 2024
If you receive crypto assets as a gift, there are no Capital Gains Tax (CGT) implications at that time.
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Luca
Mon Apr 01 2024
The receipt of crypto assets as a gift does not trigger a taxable event under current tax regulations.
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KatanaGlory
Sun Mar 31 2024
By utilising BTCC's services, organisations can confidently accept crypto donations without worrying about the complexities of handling and managing these assets.
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HanRiverVision
Sun Mar 31 2024
However, if you subsequently dispose of or engage in transactions with the crypto assets, a CGT event may occur.
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CryptoWizardry
Sun Mar 31 2024
As an organisation accepting donations in crypto assets, it is crucial to ensure that your organisation has the capacity to receive and handle cryptocurrencies.
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