topic Digital Assets - Crypto Gift in Get your taxes done using TurboTax

Digital Assets - Crypto Gift

nkottmann23 — Thu, 20 Feb 2025 16:06:11 GMT

Hello -

If I received a gift in crypto that I transferred from a friend's wallet to mine but did NOT sell it and still have it held in my wallet, would I answer yes or no to the digital assets question?

Thank you!

Re: Digital Assets - Crypto Gift

Vanessa A — Thu, 20 Feb 2025 16:08:45 GMT

It depends. If the question is asking do you OWN any digital assets, then you would answer yes.

If the question is asking did you sell, trade or dispose of any digital assets, then you would answer no.

Re: Digital Assets - Crypto Gift

nkottmann23 — Thu, 20 Feb 2025 16:10:00 GMT

Thanks so much - the question is worded as such "Did you have a financial stake in a digital asset?"

Re: Digital Assets - Crypto Gift

Vanessa A — Thu, 20 Feb 2025 16:12:51 GMT

Yes. Then if you were gifted crypto, you would answer yes you had a financial stake in a digital asset even if you did not sell it.