Hi all,
I am new to the tax purposes.
My father want's me to gift a bitcoin and I wanted to know what are the tax implications on me if I sell the bitcoin in a month?
Regards,
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Hi @Nilaymavani,
When you gift cryptocurrency to someone you've disposed of a capital asset and a capital gains tax (CGT) event has occurred. You'll need to determine your capital gain on this disposal based on the market value at the time. We've got a crypto gifting article that should explain your tax implications further.
Hope this helps, let us know if you have any questions.
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Hi @Nilaymavani,
When you gift cryptocurrency to someone you've disposed of a capital asset and a capital gains tax (CGT) event has occurred. You'll need to determine your capital gain on this disposal based on the market value at the time. We've got a crypto gifting article that should explain your tax implications further.
Hope this helps, let us know if you have any questions.
Hi Ethan,
Thanks for the reply. Much appreciated. in other scenario,
What if my father gifts me bitcoin and if I sell it the same day then what will be the tax impliction on me?
Hi @Nilaymavani
You'll record its market value at the time you receive it as that forms part of your cost base. Then work out your gain/loss when you sell it.
Take a look at our website for information about working out your gain or loss.
Ari
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