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Are there any tax implications of sending someone cryptocurrency that has appreciated? Say you owned 1 million in mobilecoin a month ago that is now 6 million,

Are there any tax implications of sending someone cryptocurrency that has appreciated? Say you owned 1 million in mobilecoin a month ago that is now 6 million, can you just send it to someone and avoid the capital gains tax? And if not, do apps like Signal have to report these earnings on transfer from mobilecoin to USD? (since signal plans to facilitate it in some way)

BlueTemplar 6y ago
This is going to vary from country to country. Sometimes, only the conversion to fiat is taxed. I think that generally any transfer to another person is taxed too ?
qqii 6y ago
In the UK (where the beta is being launch) every disposal (buy, sell, trade) counts towards income tax. https://www.gov.uk/government/publications/tax-on-cryptoassets https://www.gov.uk/government/publications/tax-on-cryptoasse...
- M2Ys4U 6y ago
  Disposing of a crytoasset requires paying Capital Gains Tax, not Income Tax