Will I be taxed if I immediately bought and sent (gifted) the bitcoin to another persons wallet without me selling the bitcoin?

Forum|Forum|1 year ago
February 11, 2025
1 reply
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Vanessa A

Level 15

No, that would be considered a gift so if you did not sell it and you no longer own it, you would not be taxed on it. However, the person who you gifted it to, will be taxed on it when they sell it.

Do note, that if you transferred it to another person in exchange for an item, this would be considered a sale so this would be a taxable event.

Your Crypto Tax Guide

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sierrajcurryAuthor

Level 2

Ok thank you. I was a victim of a scam back in 2023 on the cash app Bitcoin. The scammer made me buy the bitcoin and then immediately send them the bitcoin to their wallet. Will I get taxed if I was a victim of a scam? Do I have to amend my 2023 form and report the gains and losses?

Vanessa A

Level 15

No. You do not need to amend and you will not get taxed on it. A bitcoin scam is not a taxable event. You cannot report a loss from it as this would be considered theft and is not currently a deductible expense, but you also do not report a gain from it. So there will be no affect on your return.

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