Crypto caretaker

Hey everyone, just here as I need some advice/thoughts on an idea/curiosity I have. I have ordered a ledger nano x for myself to move my crypto off the exchanges so I have control over my crypto.

My parents also hold their crypto on an exchange and they are not tech savy at all so I was thinking if It is a good idea for them to transfer me their assets to my ledger nano x. This way I can secure there crypto safely and when the price goes up I send it back to them so they can sell it? (This way I avoid having to pay the taxes)

I know this goes against the whole Idea of not giving out crypto information. Just worried about their assets sitting on the exchange. I’m not going to steal from my parents, I have good intentions to protect my parents crypto assets.

Anyone els do this?

Thoughts? Yay or nay?

View Source

9 thoughts on “Crypto caretaker”

  1. No I would sit down and buy a ledger and help them set it up explain how important it is to keep that seed phrase private.

    Reply
  2. For tax purposes you will want to make sure anything they send you is to their own address, otherwise there could be tax implications depending on where you live.

    Reply
  3. Why not buying them a ledger ?
    The fact that the first thing that comes to your mind is them giving you their assets is a bit strange …

    Reply
  4. Depending on where you live:

    Not only are there tax implications, but it can be straight up illegal to custodian other people’s money without appropriate licensing.

    Reply
  5. From my understanding, that would not be a great idea. Separate ledgers for one and all.
    The following are taken from [Koinly’s](https://koinly.io)(The crypto tax software I use), global crypto tax guides:

    > Gifting crypto –
    When you give a crypto as a gift in Canada, you’ll pay Capital Gains Tax on any profit. This is seen as a disposition of an asset by the CRA.

    >The recipient of the gift uses the FMV of the asset the day they received it as their cost basis should they later wish to sell it. Remember, you’ll only pay Capital Gains Tax on half of any capital gain.

    [Crypto Tax Guide Canada 2022](https://koinly.io/guides/crypto-tax-canada/)

    ***

    > Receiving crypto as a gift
    If someone gives you crypto as a gift, consider yourself lucky for two reasons. You’ve just scored some crypto and you don’t pay any tax.

    >Receiving crypto as a gift is not a taxable event. But, you will need to keep a record of the fair market value of the crypto on the day you received it. This will become your cost basis and you’ll need this to calculate a potential gain or loss, should you decide to sell, or even re-gift your crypto gift.

    [Crypto Tax Guide Australia 2022](https://koinly.io/guides/crypto-tax-australia/)

    None of the above is financial advice.
    Always Do Your Own Research!

    Reply
  6. Just buy a separate nano and move their crypto to that address.

    Don’t fuck anything up through, don’t accidentally lose their crypto.

    All this talk about it being illegal or taxable is surely laughable. Good luck taxing a nano s.

    Reply

Leave a Comment