Gifting Crypto to outside USA

Forum|Forum|2 years ago
November 15, 2023
1 reply
0 views

If the parents live in a country with no tax on crypto, can we gift the crypto to them and incur no tax obligations as long as it is under $12 million lifetime limit?
Will there be any legal/tax concern if they the put these crypto in their Will for me?

Ask the Experts - Crypto - Nov 2023

TeriH

Level 6

Great question.

Giving a 2023 crypto gift under $17,000 in crypto: No tax implications for gifter. Gifts above $17,000: Gifter must report gift to the IRS, using Form 709. Gifts above $17,000 count toward to a lifetime gift exemption of $12.92 million ($12.06 million in 2022)

Receiving a cryptocurrency gift is not considered a taxable event. Gift recipients are not required to recognize your newly-received cryptocurrency as income. However, you may be subject to capital gains tax if/when you dispose of your cryptocurrency in the future.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"