DisclaimerI myself, do not represent any attorney, or financial advisor. I'm just here giving my 2 cents on the matter.
Depending on what country, and jurisdiction you live in, the laws will vary. Here within the U.S,
You inherit the cost basis of the amount recieved, at the time of reception.
(Someone feel free to correct me if I'm wrong)Example:
Johnny decides to give Sally 100 Bitcoins. Each Bitcoin is worth $1 at the current time sally received the 100 coins. 100 Bitcoins x $1 per coin = $100 worth of coins.
In the event that the price rises from $1 to $2, and Sally decides to cash out, 100 Bitcoins x $2 per coin = $200 worth of coins.
The cost basis is $1 per coin, so if Sally sells 100 Bitcoins x $2 per coin, her total = $200 and her capital gain from the sale is $100. So Sally is liable to report her gain/loss come tax filing time.
Short-term capital gains tax is any gain realized within the time frame under a year from realization.
Long-term capital gains tax is any gain realizsd within the time frame over a year from realization.
In the U.S, I think you are personally allowed to receive up to around $14,000.00 in gifts before you trigger a tax liability, and are expected to report anything over as regular income.
Please be sure to try and keep detailed logs of each transaction you make involving crypto-coins throught the year. I myself, need to play catch up, as I'm a little unorganized. Before you decide to cash out, make sure your come correct, in a neat and timely manner.
Here is a short article:
https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-2-bitcoin-commerce-taxable-events-c-gifts-and-tips.asp