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Which games do you play?: September 9, 2021 8211 There are 4 ways to stop paying tax on your cryptocurrency gains. If you’re tired of the IRS taking half your short term profits and 20% of your long term gains, here are 4 ways to pay zero tax on cryptocurrency gains without getting in trouble with the IRS. IP: 176.114.9.174 One of the first questions you can ask yourself is whether you sent crypto as a gift. If you have sent cryptocurrency as a gift, one time or spread throughout the year, totaling at least $16,000, you’ll need to report the transactions on Form 709. This is the gift tax return which you can find in our software. If you sell your cryptocurrency and realize a gain on it, this is considered a capital gain the same as if you’d sold any other piece of property. Per the IRS: “The character of the gain or loss generally depends on whether the virtual currency is a capital asset in the hands of the taxpayer. A taxpayer generally realizes capital gain or loss on the sale or exchange of virtual currency