Is money received from a friend taxable in the context of cryptocurrency?

3 answers

• hellergangFeb 25, 2024 · 2 years ago
  Yes, money received from a friend in the form of cryptocurrency is generally taxable. In most countries, including the United States, cryptocurrency is treated as property for tax purposes. This means that any gains or income from cryptocurrency transactions, including receiving money from a friend, may be subject to capital gains tax or income tax. It's important to consult with a tax professional or accountant to understand the specific tax laws and regulations in your jurisdiction.
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• Alfredo HerreraJun 30, 2021 · 4 years ago
  Well, it depends. The tax treatment of money received from a friend in cryptocurrency can vary depending on the country and its tax laws. Some countries may consider it taxable income, while others may not. It's always a good idea to consult with a tax advisor or accountant to ensure compliance with local tax regulations.
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• TRUE MichaelsenNov 23, 2022 · 3 years ago
  As an expert in the field, I can tell you that money received from a friend in cryptocurrency is indeed taxable. However, the tax treatment may differ from traditional currency. Cryptocurrency is often treated as property, and any gains or income from cryptocurrency transactions may be subject to capital gains tax or income tax. It's important to keep track of your cryptocurrency transactions and consult with a tax professional to ensure compliance with tax laws.
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