In this article, we explain the correct transaction types to use when sending or receiving cryptocurrency from friends. This is a general guide and assumes the transaction is tax-free, however, always confirm with a tax advisor or financial authority for compliance with local laws.
This article is separated into three sections:
1) Sending cryptocurrency to a friend
2) Receiving cryptocurrency from a friend
3) Can I exclude these transactions from my tax report?
1) Sending cryptocurrency to a friend
When sending a cryptocurrency to a friend, you can either use the transaction type "Donation" or "Gift". For an overview of all transactions, please refer to the article Transaction Types.
2) Receiving cryptocurrency from a friend
If you receive a cryptocurrency from a friend, use the transaction type "Gift/Tip".
3) Can I exclude these transactions from my tax report?
If you wish, you can filter this transaction to exclude it from your tax report:
Please note: excluding income or removing cryptocurrency transactions without proper capital gains calculations might not comply with tax regulations in all jurisdictions.