Transfering bitcoin to another person account on coinbase tax question

avikz

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Quote from: sann111 on April 07, 2019, 06:51:23 PM

Can anyone guide me, is this considered gifting someone if you send over bitcoin to another familymember on coinbase? How do you file this on tax form?

In a normal scenario, it won't be taxable! But a lot depends on the country you are living in. I presume you are from US and if this is true, you can show it as a gift!

The below article will shed some light on your question for sure,

https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-2-bitcoin-commerce-taxable-events-c-gifts-and-tips.asp

eaLiTy

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Quote from: sann111 on April 07, 2019, 06:51:23 PM

Can anyone guide me, is this considered gifting someone if you send over bitcoin to another familymember on coinbase? How do you file this on tax form?

Since you are transferring through coinbase to another user it will not be taxable, it is clearly mentioned in the website itself, you can also generate report from the account for every transactions and while filing your taxes it will help you, any gains or losses must be filed and it all depends upon which country you are from as every country have a different take on things, so if you could mention your country it would be easier to explain.

sann111

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Can anyone guide me, is this considered gifting someone if you send over bitcoin to another familymember on coinbase? How do you file this on tax form?

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