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Get your taxes done using TurboTax
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.
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‎February 11, 2025
12:28 PM