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I sent a question in on 3/15/18 and have not an answer yet,
Submitted: 1 month ago.Category: Tax
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Answered in 12 minutes by:
3/19/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
Hi. What was the question. Thank you.
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Customer reply replied 1 month ago
The question was this: my fiancé is in another country completing a contract. He has funds pending. He is the owner of the funds. He wants to transfer this money to me so that I may buy bitcoins for him. If he transfers these funds to my account and I buy bitcoins for him using my account, but his blockchain. Is there any tax liability for me?
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

Hi. I do not know the legal ramnifications of it, however, it could be considered a gift, in which you would not have to fill out the gift tax return. A person has a life-time estate giving of $11 million - if it is under this amount, it should be fine.

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Customer reply replied 1 month ago
It is not a gift. He is the owner of the money. I am given a percentage of the money. He will be investing the rest in Bitcoins. But it is under that amount. Thank you.
Customer reply replied 1 month ago
I may call when I have further questions.
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 month ago

If you are making the transaction on his behalf, you are fine, tax-wise.

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ABC Accounting Group
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Category: Tax
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