Is Bitcoin given as a gift taxable? Question by someone who is new to Bitcoin. Bitcoin mining is considered taxable income in the US. However, if it's given as a gift, then should it be taxable under US law?
This is probably better for Money.SE as it doesn't really have anything to do with Bitcoin; it would be the same for any sort of  income.

However, my understanding of tax law with respect to gifts is roughly this:


Money, goods or services that you earn from working, business or investing are taxable income to you.
If you decide to give some of that money to someone else, that's your business; but you still earned it, and it's still your taxable income.  Giving it away doesn't change your taxes at all.  The IRS doesn't really care whether you gave it to your friend or used it to buy 300 pounds of jellybeans.
Within certain limits, the gift is not taxable income to your friend (who didn't earn it).  However, above those limits, it can be subject to gift tax.  I think beyond $13,000 per year, you have to start keeping track of such gifts; gift tax does not actually kick in until a larger number, but it counts gifts spread across several years.
The one major exception is if you give the money to a registered charitable organization.  Then you can deduct the gift from your income, again up to certain limits (usually 50% of your income).


Disclaimer: If you want tax advice, talk to a professional who's qualified to give it.  I'm not.