If I was gifted bitcoin and then gifted it to someone else, does this count as me "acquiring, selling, or exchanging virtual currency"?
01219
1 Replies
macuser_22
Level 15
Jun 14, 2021 8:10:05 PM
No, gifts are not reported on an income tax return, but if it was worth $15,000 or more then you must file a form 709 - gift tax return (no actual tax but applies to your lifetime 14Million exemption.