Receiving crypto as a gift is easy to report on TaxBit. In this article we will walk through how a gift received transaction should be recorded in your TaxBit account for accurate tax reporting.
When you receive crypto as a gift, it's important that transaction is recorded so that if the crypto is off-loaded in the future there is an established cost basis for reporting gains or losses. Adding gift transactions into your TaxBit account can be done two different ways.
Add Transactions Manually
The first, and recommended, option is to use TaxBit's Add Transaction feature right in your account. Go to your Transactions Page > Select Add Transactions > Enter the details of your transaction.
From this screen, you can fill in all of the details like:
- Transaction Type: Gift Received
- Transaction Source: Where you received the gift
- Date: The date you received the gift
- Time: The time you received the gift
- Sent: The amount of the asset you received including any decimals
- Currency: Type in any asset code you received here, even if it's not on the quick select list
- Fee: This field can be left blank
- Market Value: This field will auto-populate with the market value according to our pricing records.
Once you have all of that information filled out, go ahead and select "Save Changes", and you are all set!
Adding Transactions with a CSV Import
The second option for saving Gift received transactions is to use our CSV importer. You can head over to our CSV import guide for a sample file and some general instructions. The transaction type would be "Gift Received" and the sent columns can be left blank.
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