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Robinhood Enables Users to Give the Gift of Crypto this Year -Breaking

by Mike Robinson

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Robinhood allows you to gift crypto in the year 2018

This year’s hot gift-giving trend is to send crypto to family and friends. Last Thursday, popular investment app, Robinhood (NASDAQ:), announced that beginning Dec. 22 its customers will be able to select among seven different cryptos and send them as gifts to family and friends — or to mild-mannered cryptocurrency commentators who happen to write for The Ascent (hint).

You can send $1 of seven digital assets, including Bitcon, to use the crypto gift function. An e-gift certificate can be personalized with fun, festive images. You can include information about the gift amount and a holiday message. You can then send the link to the fund directly to your recipient by email, text or phone. According to the website the service does not charge any commissions or fees.

After a gift has been sent, it is up to the receiver 14 days to accept its new crypto gift. If they don’t, you won’t be charged. However, Robinhood advises you that your Robinhood account must have sufficient funds before you send your gift or during the 14 day redemption period. Pre-plan for the possibility that your first deposit may take up to 5 days to reach your app account.

If you send the gift to a Robinhood customer, they will simply be redirected to the app to claim it, and if they’re not, they’ll be automatically directed to a sign-up page and claim it then. Similar services for crypto gift giving are available at Coinbase (NASDAQ;), PayPal (NASDAQ/), and Block.

Flipside

  • There may be tax implications for the receiver and giver of this service.
  • When stocks are given as gifts, the IRS usually makes the donor pay the gift tax — and those rules may apply to crypto gifts.
  • The IRS also classifies crypto assets as property, which trigger short- or long-term gains when they’re sold.

Why you should care

To avoid paying tax penalties and interest, make sure you consult a professional crypto tax advisor or accountant if you are giving or receiving crypto gifts.

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