Can I deduct the gifted crypto from my taxes?

3 answers

• May 06, 2022 · 3 years ago
  As an expert in tax law, I can tell you that gifted crypto can be considered as a taxable event. The value of the gifted crypto at the time of receiving it will be included in your taxable income. However, whether you can deduct it as an expense depends on the specific tax laws in your jurisdiction. It's best to consult with a professional tax advisor to understand the rules and regulations regarding crypto taxation in your country.
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• May 06, 2022 · 3 years ago
  Hey there! While receiving crypto as a gift is exciting, it's important to note that it may have tax implications. In most cases, gifted crypto is considered taxable income. However, the deductibility of gifted crypto depends on your local tax laws. It's always a good idea to consult a tax professional who specializes in cryptocurrency to ensure you're following the correct procedures and taking advantage of any available deductions.
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• May 06, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, gifted crypto is indeed subject to taxation. The value of the gifted crypto at the time of receiving it should be reported as taxable income. However, the deductibility of gifted crypto may vary depending on your jurisdiction. It's recommended to consult with a tax professional who is knowledgeable about cryptocurrency taxation to get accurate advice tailored to your specific situation.
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