I think u can only gift 12000 dollars a year before its taxable. What are the ramifications of then gifting all those coins if every crypto move is taxable?
I’ll post more info but from what I remember offhand you have to report any gifted amount over $14k per individual for them to track but it will not be taxable until that individual is gifted a total over a million...I forgot the specific amount...I will find the information
*edit*
https://money.usnews.com/money/pers...tax-rules-to-know-if-you-give-or-receive-cash
ya you simply have to report it once the gift exceeds $15k but the person being gifted doesn’t have to pay taxes until/unless they receive a total gifted amount of $11.4M
this is primarily for “cash” but it can change if it’s stock and they don’t mention crypto but I guess they would treat it similar to stock too...it varies tho
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@ FEG right now.. Good thing I wasn’t able to buy any a few days ago.
