Post
Topic
Board Legal
Re: Transfering bitcoin to another person account on coinbase tax question
by
magneto
on 16/04/2019, 11:01:03 UTC
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?

Small amounts that are under the relevant gifting limits, the tax authorities probably won't bat an eye on it.

But if your concern is solelyp that you're transferring funds to a family member, I really don't think that there is much of an issue here. There is absolutely no one who says that transactions undertaken in BTC to family have to be gifts in the first place, unless your intention is really to gift them.

If you're actually gifting funds, find out the relevant limits in your country from official sources, and stick to them. There may be tax implications that you have to oblige by regardless of the payment method, with BTC or fiat, on or off blockchain.