How to report crypto transfer between spouses if married filing jointly
If I bought 150$ crypto. later transferred to my wife's account when price increased to 200$ during transfer. She sold from her account for 195$. So technically 45$ gain. But Tax software is not considering this gain. its considering 200$ itself as cost basis on her account and calculating a loss of 5$ when sold at 195$. if this correct???
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1 Replies
DavidD66
Expert Alumni
Mar 31, 2021 1:47:01 PM
Transferring to you spouse is not a reportable or taxable transaction. Her cost basis is the same as yours. You would enter a cost basis of $150 according to your scenario, and you would have a gain of $45.