Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

I have money sitting in another account owned by someone else, if I transfer it to my bank account, will I get charged capital gains tax?

Basically, my wife has some money I gave to her in an account, and we want to transfer it back to my account, will I get charged capital gains tax for transferring to my account

8 Answers

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  • 1 month ago

    Of course not. You've already paid tax on that money when you first earned it. You're merely transferring it now. You don't need to show this on your taxes at all.

  • 1 month ago

    No--you don't pay capital gains when you transfer money from one account to another. It's not "profit"--it's just YOUR money. 

  • 1 month ago

    No.  First, "capital gains" tax is when you stop owning something that has changed value.  Second, transfers between spouses usually aren't taxed.

  • Amy
    Lv 7
    1 month ago

    If you sell assets in the account and then transfer the cash, she will be the one liable for the tax on any capital gain. If you transfer securities and then sell them in your account, you will owe the tax. Make sure you know the cost basis.

    Since you're married, you should be filing jointly so it doesn't matter whose account the gains are in.

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  • Anonymous
    1 month ago

    SMH! No...........................................

  • 1 month ago

    If it’s in her account, then legally it’s her money. 

    If the transfers exceed the annual CGT threshold, then yes, you’re liable to pay CGT.

    You really need to consult an accountant or a taxation lawyer if you want reliable advice on this subject. Get it wrong and you could pay more tax than is necessary or even up facing criminal charges of illegal tax evasion. Depending upon your ages you and your wife could also need to consider the implications of possible Inheritance Tax liability.

  • Anonymous
    1 month ago

    No 1099. So no tax owed for you. But she will owe on any gain.

  • 1 month ago

    No.

    You didn't earn anything on it.

    You are simply moving it from one bank account to another. 

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