In many countries, gifting coins to your spouse/partner/friend may not be a taxable event. This article shows how to handle any tax free gifts in Koinly. If your country does not allow tax free gifts then you do not need to make any changes to the transactions.
🟡 Note: The Gift label should only be applied to tax-free gifts. If you are unsure whether your gift is taxable or not then you should consult your CPA or a tax agent
Sending a gift:
- Find and tag the "withdrawal" as a Gift
- Copy the cost basis shown on the left side of the transaction and share it with your partner
Receiving a gift:
- Find the incoming "Deposit" transaction and click on Edit
- Click on the Change button next to the worth
- Enter the cost-basis that was provided to you by the giver and hit Save
🟡 Note: You do not have to tag the received gift as anything, just leave it as a Deposit. You may want to enter a description to help remember.