What is the IRS reporting requirement for receiving a free gift valued under $100 from a cryptocurrency brand?

3 answers

• Mar 06, 2022 · 3 years ago
  Yes, you are required to report the value of the free gift on your taxes. The IRS considers it as income and it should be reported as such. Make sure to keep a record of the gift's value and include it in your tax return.
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• Mar 06, 2022 · 3 years ago
  Absolutely! The IRS requires you to report any income, including the value of free gifts, on your tax return. Even though it's a gift, it's still considered taxable income. So make sure to include it when filing your taxes.
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• Mar 06, 2022 · 3 years ago
  As a representative of BYDFi, I can confirm that the IRS requires individuals to report the value of free gifts received from cryptocurrency brands, even if they are valued under $100. It's important to accurately report all income to avoid any potential issues with the IRS.
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