Tax Advice - Bought BTC For My Brother

TRADING AND TECHNICAL ANALYSIS
#1

I’m just curious if anybody has advice for this situation:

I’m in the US. My brother and I got into Crypto around the same time. I had my on-ramps setup but he was having issues verifying for days. He didn’t want to miss a buy opportunity so he sent me money over facebook, which I used to purchase BTC. I sent the funds right from Coinbase/CashApp to his Wallet.

How can I avoid paying the taxes on his gains. Note - I’m not asking how to evade paying taxes, only how to ensure he pays the taxes instead of me.

2 Likes
#2

The best way is to contact an actual tax accountant. That way you can be sure you are doing the right thing. I am not from US, so I cannot tell you much. Hope you figure it out. :smiley:

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#3

Whoever does your taxes will be able to help you. As long as you pay the tax to the government you will not have any issues. If you need to pay them for your brother then he will pay you back.

#4

So none of your are HODLing? Why would you pay taxes on gains you haven’t realized? I’m not an expert by the way; just wondering.

I would definitely talk to a CPA that knows about crypto.