Generally, the giver is not subject to tax unless it meets the threshold for a gift tax. The receiver will take on the cost basis of the cryptocurrency from the donor in additional to any taxable income that may be relevant.
However, there is an exception if the donor' basis was higher than the market value of the bitcoin at the time of the gift, such that there was a capital loss on the coins at the time of transfer. In this case, the receiver should recalculate the capital gain/loss using their basis as the market value of the coins on the date of transfer. If there is still a loss, then the receiver shall adopt the market value on the transfer date as the cost basis. If there is a capital gain, US tax law states to ignore the gain and report nothing. This method prevents people from sharing capital losses between friends.
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