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rokamuraod
New Member

Do I have to answer yes on 1040 " Did you receive...." if I am gifted crypto??

 
3 Replies
xmasbaby0
Level 15

Do I have to answer yes on 1040 " Did you receive...." if I am gifted crypto??

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
fanfare
Level 15

Do I have to answer yes on 1040 " Did you receive...." if I am gifted crypto??

If you received a gift, you received, and you now have an interest in cryptocurrency.

This should be obvious, but you ask because you wishfully hope for a NO answer.

xmasbaby0
Level 15

Do I have to answer yes on 1040 " Did you receive...." if I am gifted crypto??

@rokamuraod In another thread you said you were repaid in cryptocurrency for helping someone out with a cell phone bill---in this one you say you received a gift.   My reply was about receiving a gift and whether you have to report the gift on your own tax return.

 

If your question is really just pertaining to that "yes or no" question on the Form 1040 about whether you have received/used virtual currency----your answer to that question does not affect the calculations on your tax return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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