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. You can select Add Transactions, and then click Add Transaction to manually enter the details of an individual transaction.
From this screen, you can fill in all of the details like:
- Transaction Type: Gift Received
- Date: The date you received the gift
- Time: The time you received the gift
- Received Quantity: The amount of the asset you received including any decimals
- Received Asset: Type in any asset code you received here, even if it's not on the quick select list
- Value: This field will auto-populate with the market value according to our pricing records.
- Fee: This field can be left blank
Once you have all of that information filled out, go ahead and select Save Transaction, 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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