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V0152-26 27 January 2026 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Gains from the purchase and sale of shares in US dollars and their subsequent conversion into euros are taxed as capital gains

The taxpayer inquires about the tax treatment of the purchase and sale of shares in US dollars and the conversion of said currency into euros. The DGT responds that the transfer of shares generates capital gains or losses and that the conversion of foreign currency also generates this type of income.

The question raised

Question posed: Tax treatment of gains obtained in operations involving both the purchase and sale of shares in US dollars and the conversion of US dollars into euros.

The DGT's ruling

The gain or loss from the transfer of shares is calculated by the difference between the acquisition and transfer values in the currency of the shares, converting the result into euros at the exchange rate on the date of the transaction. Purchase and sale commissions are inherent expenses that affect these values, but portfolio maintenance expenses do not. The difference resulting from the exchange of foreign currency to national currency generates a capital gain or loss at the time the conversion to euros is effectively carried out.

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