Bryan131
Returning Member

I bought bitcoin and transferred to a friends wallet, am I held taxable in some sort?

Hello, I come with a question as a newer taxpayer. I have a friend who's overseas and I buy bitcoin to transfer the money to them (on cash app). All I am doing is transferring the specific amount of money. The process is as follows: I buy bitcoin (using money from my bank account), then transfer that bitcoin to my friend's wallet. Once again, I do not use/spend the money, I simply transfer...am I held taxable? 

Deductions & credits

There is nothing taxable about giving your friend a gift no matter what form it is in ... cash, bitcoin or check.  But if you give this friend more than $15K per year you may  need to file a gift tax return. 

Deductions & credits

if he pays you back there is no gift.