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What is the IRS reporting requirement for receiving a free gift valued under $100 from a cryptocurrency brand?

avatarAnPing YinNov 29, 2021 · 3 years ago3 answers

I recently received a free gift from a cryptocurrency brand that is valued under $100. I'm wondering what the IRS reporting requirement is for such gifts. Do I need to report it on my taxes?

What is the IRS reporting requirement for receiving a free gift valued under $100 from a cryptocurrency brand?
Cryptocurrency
IRS Reporting
Free Gift

3 answers

  • avatarNov 29, 2021 · 3 years ago
    Yes, you are required to report the value of the free gift on your taxes. The IRS considers it as income and it should be reported as such. Make sure to keep a record of the gift's value and include it in your tax return.
  • avatarNov 29, 2021 · 3 years ago
    Absolutely! The IRS requires you to report any income, including the value of free gifts, on your tax return. Even though it's a gift, it's still considered taxable income. So make sure to include it when filing your taxes.
  • avatarNov 29, 2021 · 3 years ago
    As a representative of BYDFi, I can confirm that the IRS requires individuals to report the value of free gifts received from cryptocurrency brands, even if they are valued under $100. It's important to accurately report all income to avoid any potential issues with the IRS.

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