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How to avoid crypto tax because I purchased some coins for a family member

d_pipa
Posts: 11 Forumite


Because my family member gave me cash for cryptocurrency, I made a purchase in my name so I am holding the coin for that person. The problem is, it will affect my crypto tax when I decide to withdraw into cash. Is there any way I can transfer the person's coin if I create an account in his name and not affect my crypto tax? Any better ways for this? Or is it too late?
Thanks!
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Comments
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Presumably you are referring to Capital Gains Tax. You can get the family member to open their own wallet and transfer the crypto-currency to them, or set up a private wallet, move the crypto into it and hand it over to them. Why did they give you money to do it for them in the first place?2
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That's correct, the CGT. I assumed that would be the case, I just wanted someone to confirm that for me. They didn't know how to use it, which I will explain to them later so they can control their own wallet. Thanks.0
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masonic said:Presumably you are referring to Capital Gains Tax. You can get the family member to open their own wallet and transfer the crypto-currency to them, or set up a private wallet, move the crypto into it and hand it over to them. Why did they give you money to do it for them in the first place?1
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