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ARTICLE · 24 MAY 2023

Crypto Tax Implications For Gifting

Carter Ledyard & Milburn LLP
Carter Ledyard & Milburn LLP
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The IRS has not said much about cryptocurrency, so when it does, it is definitely of interest.

United StatesTechnology
Melinda Fellner
Melinda Fellner
Jerome Caulfield
Jerome Caulfield

The IRS has not said much about cryptocurrency, so when it does, it is definitely of interest.

The service issued Chief Counsel Advice Memorandum 20230212 in January.  This CCA confirms that a gift of cryptocurrency requires strict substantiation that complies with tax laws regarding income tax charitable deductions.  Moreover, this memo confirmed that cryptocurrency is considered "property," reaffirming the principles set forth in IRS Notice 2014 21 which was issued in 2014 on virtual currency.  As such, transactions in cryptocurrency must follow the same tax principles as property transactions. Therefore, it is not a surprise that the IRS would require substantiation when a taxpayer gifts cryptocurrency to Charities.

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