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Thanks for the quick turn around. question how are gifting…

Thanks for the quick turn...
Thanks for the quick turn around. A follow up question how are gifting cryptos in 2017 taxed? I bought few litecoins and the value appreciated . I transferred the litecoins to my Brother as i owe him some money and he cashed them to USD within the exchange (coinbase) but never moved them to his bank and later he invested that USD into some other Crypto. The USD he cashed out is it taxable and at what rate? please advice
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Answered in 12 minutes by:
1/19/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,313
Experience: Adjunct Professor
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You transfer your basis to him when you gave it as a gift. So whatever he gets when cashing out less what you paid for them will be his taxable gain.

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,313
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