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Crypto Transferring to Spouse

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Hello, I was wondering if the transaction between me and my spouse counts as a taxable event?

 

Say I bought $100 of Coin A and now it worths $200. Does $100 gain count as a taxable event when I transfer Coin A to my spouse wallet?

 

Thanks

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ATO Community Support

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Hi @williamy,

 

Cryptocurrency is treated as an asset for capital gains purposes. This means when you transfer the crypto to your partner you're taken to have received it's market value at the time of disposal. You'll then need to work out whether you've made a capital gain or loss on that transaction.

 

For your situation, yes this would be a taxable event. The $100 gain would also be considered a capital gain in this situation.

 

We have some information available on this forum regarding gifting cryptocurrency to other people that would be worth a read.

 

Hope this helps, let us know if you have any further questions.

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Most helpful response

ATO Community Support

Replies 0

Hi @williamy,

 

Cryptocurrency is treated as an asset for capital gains purposes. This means when you transfer the crypto to your partner you're taken to have received it's market value at the time of disposal. You'll then need to work out whether you've made a capital gain or loss on that transaction.

 

For your situation, yes this would be a taxable event. The $100 gain would also be considered a capital gain in this situation.

 

We have some information available on this forum regarding gifting cryptocurrency to other people that would be worth a read.

 

Hope this helps, let us know if you have any further questions.