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Buying Bitcoin for a friend

ace543

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Aug 26, 2020
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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?
 
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.
 
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