Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
tlrsin
New Member

If a friend sent me some ETH as a gift and I kept it in my coinbase while i was trading throughout the year then sent most of it back to him, how do i report?

My friend sent my some crypto he mined as a gift and I was basically trading it for him and ended up loosing money. I sent him back almost all of the original amount he sent me, but I ended up loosing my own money I invested as well. Is this still considered a gift? How do I report it? He basically let me borrow some crypto, and in the end we both lost money.
1 Reply
Critter
Level 15

If a friend sent me some ETH as a gift and I kept it in my coinbase while i was trading throughout the year then sent most of it back to him, how do i report?

Ok ... you have 3 separate situations.

1) received a gift ... not a taxable event

2) sold crypto ... taxable event to be reported on the Sch D

3) gifted back  ... another non taxable situation

Dynamic AdsDynamic Ads
Privacy Settings
v