Yeah it’s legal. Receiving USDC as a gift isn’t illegal, even that amount. Coinbase might ask questions or freeze temporarily, but that’s just AML stuff, not because you did something wrong. Sending it in small chunks doesn’t really help, sometimes it looks more suspicious. Tax wise, you usually don’t owe income tax just for receiving a gift. Gift tax is on the giver, not you, and if your dad isn’t a US person it usually doesn’t apply anyway. Since it’s USDC there’s basically no capital gains at receipt. Just keep proof it’s a gift and from your father, because Coinbase or the bank will ask when you buy the condo.

Yes, it’s legal. Coinbase won’t shut you down for getting a large transfer from your dad. Splitting it into $10k chunks doesn’t help and can look weirder. One normal transfer is fine.

Gifts aren’t taxable to you. Your dad might need to file a gift-tax form if it’s over the annual limit, but you owe nothing. You’ll only owe tax later if you sell and there’s a gain with USDC, there basically isn’t.

Completely legal! Sending in smaller amounts might look more suspicious in my opinion.

As the recipient, you don’t owe any tax nor need to file a gift return. Just make sure you have documentation that (1) it’s truly a gift, and (2) your dads cost basis (should be easy, it’s a stablecoin).

You inherit the cost basis so when it’s sold you have a capital gain or loss (which will likely be zero, or a small loss if you have transaction fees).

Receiving USDC as a gift is legal. For US tax purposes, gifts themselves aren’t taxable income to the recipient. The stablecoin part doesn’t change that.

The main things to watch are compliance and reporting. Coinbase may ask questions on a large transfer, but that’s KYC, not tax. Also, your dad may have gift tax reporting obligations on his side depending on his residency and amounts, but that’s separate from your taxes.

When you eventually spend or sell the USDC, that’s when tax comes into play, based on the original cost basis.

Shehan from CoinTracker here.

• Yes, foreign gifts are legal.
• Correct. You will have to file a Form 3520 documenting the gift.

Yes, this is legal.

Receiving crypto as a gift is not taxable income to you in the US. You do not owe tax just for receiving the USDC.

USDC is a stablecoin, so there is no capital gain at receipt. Capital gains only apply when price changes.

Your father does not owe US tax either since he lives overseas. Any gift-tax rules apply to him, not you.

Coinbase usually does not shut accounts for large transfers. They may ask for source-of-funds documentation.

Sending the USDC in smaller chunks usually does not avoid checks. Large totals still trigger review.

Spending crypto is normally a taxable event. But tax only applies if there is a gain or loss.

USDC stays at $1. $1 in, $1 out = no gain, no tax.

Keep records. Expect source-of-funds questions from Coinbase or the title company.

If you have time on your side there is the law that says gifts under 19k (per yr) nothing on either side needs to be reported, US or foreign.