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If I am gifting my friend say $100k work of bitcoins or any other crypto. Do I have to pay tax apart from the annual limit of $15k. Or will it be cut from my life time limit? My friend he live in a different country, so does he needs to pay tax when he sells this crypto?
Please give me information on this to understand the tax laws and to do nothing illegal.
Best Regards.
Tax laws of what country? In general, I would expect tax laws to treat a gift of cryptocurrency, or any other valuable property, the same as a cash gift of equal value. It's an obvious loophole if they don't. By the way, this question might be more on topic for Money.SE. – Nate Eldredge – 2018-01-02T04:57:59.953
tax laws for united states. – Neel – 2018-01-02T05:12:53.093
if you have 100k to gift to someone, I think you can find a few hundreds to speak with a proper lawyer, who specialize in this situation. Or would you rather listen to some random guy on the internet? – Salvador Dali – 2018-01-02T09:09:05.593