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ace543

New member
Hey everyone,

Something I've been thinking about lately as a theoretical situation.
If someone wanted to send cash to their friend's US bank account in large amounts daily, then that person bought crypto on a US-based exchange and sent back to the friend's wallet as a gift, what are the tax implications?

Is the person receiving USD liable for paying taxes on the money received?
What about taxes on the cryptocurrency?
 

Admin

Forum Moderator
Staff member
Where I live it makes no difference because you will be taxed from the amount received, that's actually because it is a FRIEND and not a family member where other tax regulation apply.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Your Friend will be liable on what he bought.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Person receiving could say it was family support but when they buy crypto and send it they will need to explain where and what for.
 

kurwo2f9hofak

New member
International stuff gets messy quickly. You may want to ask a CPA so you're aware of gift limits and disclosure requirements. Also, if you receive and send a lot, they might think you run an unlicensed money transmission business. Danger.
 
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