With the emergence of people’s shared love for cryptocurrency, trends are observing a surge in people buying Bitcoins for their loved ones. This may come to you as a surprise, but a more interesting fact is that the recipient and the donor are not obliged to pay any taxes. As per the U.S. Government’s regulations, receiving cryptocurrency counts as a non-taxable event and the recipient doesn’t need to report it on any tax documents. However, if they decide to sell it in the future, then the taxes will be levied as per the policies. The sender will also have to file a gift tax return (IRS Form 709) if the cryptocurrency is valued above $15,000.
“We have seen Bitcoin gifting as a new way of giving someone a gift that truly helps them grow with time and builds a value of its own,” says Brandon Mintz, President and CEO of Bitcoin Depot®. Brandon founded the company in 2016 and has been changing the way people use crypto ever since. They have installed 3,000 Bitcoin ATMs across North America and are now introducing new and innovative ways for people to retail crypto. Mintz shared a few ways to give your friends or family some crypto and brag about the title of giving the best gift ever.
A Coupon Can Never Go Wrong
Wherever you go shopping and receive a free voucher on your purchase or bring home an exciting coupon, it can be an exciting moment. Now is the time to ditch those stale Amazon gift cards and become progressive with Bitcoin Coupons.
“By using our flexible Buy Online option, you can purchase Bitcoin from the comfort of your home,” says Mintz. All you need is your credit or debit card details and a BTC address where you want the crypto delivered. Bitcoin Depot® offers you the option to create your own coupon and take a print of it or use third-party services. Feel free to get creative and make a fancy and laminated coupon that will fill the receiver with excitement as they unwrap it.
Cash to Crypto
If you’re someone who likes a pocket full of green, you might also like the idea of investing it in something that benefits you with more money: Bitcoin. Instead of giving out cash as a gift, visit your nearest Bitcoin ATMs by Bitcoin Depot® and trade that cash for cryptocurrency in just two minutes!
“It makes for a perfect gift that keeps on giving, and buying crypto has never been easier. So, don’t think twice before you head out to buy a gift. Just get some Bitcoins instead,” suggests Mintz.
Donate to a Charity
Donating crypto has become a new way to help while ensuring that your contribution keeps adding value to itself. Moreover, the latest IRS guidelines say that you can donate a cryptocurrency without incurring any capital gain or loss. If the asset that you’re gifting has been under your possession for more than a year, you receive a deduction equal to the fair market value of the assets as recorded on the date of donation.
If you hold the gift for a year or less, then you still qualify for a deduction, but this one will be less than the fair market value of the asset at the time of the donation transaction.
Cryptocurrency makes for a thoughtful gift that shows your interest in their financial growth and makes the receiver a part of the crypto economy.
