Sending crypto as a gift is easy to report on TaxBit. In this article we will walk through how a gift sent transaction should be recorded in your TaxBit account for accurate tax reporting.
When you send crypto as a gift, it's important that transaction is recorded so that the cost basis for the crypto is removed from your cost basis pool. Once you have recorded the Gift Sent tranasction in your account, you won't need to do anything else for reporting this transaction. 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 find a complete guide to manually adding a transaction in TaxBit HERE. Open the Add Transaction page by selecting Add Transactions, and then Add Transaction.
You can fill in all of the details like this:
- Transaction Type: Gift Sent
- Transaction Source: Where you sent the gift from
- Date: The date you sent the gift
- Time: The time you sent the gift
- Sent: The amount of the asset you sent including any decimals
- Currency: Type in any asset code you sent 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 Transaction, and you are all set!
Adding Transactions with a CSV Import
The second option for saving Gift sent 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 Sent" and the received columns can be left blank.
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