BlockChain-1(844)291-4941 Blockchain community forum+1844-291-4941

Yes, sending a gift in crypto to people other than your spouse is generally taxable as it results in the disposition of the crypto. The capital gains/losses can be calculated by subtracting the cost basis from the FMV of the coins on the date of gifting. When the crypto is ultimately sold by the recipient of the gift, the proceeds of disposition is the FMV on this date. Example: You bought 10 ETH for GBP 10,000 and then sent 5 ETH to friends as a gift. The FMV per ETH is GBP 2,000.