Income effects of cryptocurrencies

Conten Table

Income effects of cryptocurrencies

Can the income effects of cryptocurrencies be avoided?

How do purchases or sales of cryptocurrencies affect my income?

How much do I have to pay to the tax authorities for cryptocurrencies?

As we already mentioned in our article on cryptocurrency taxation, it is important to bear in mind:

  1. If you buy and sell cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH) at a profit you will be taxed on that profit.
  2. If you receive income from lending cryptocurrencies in exchange for interest, you will be taxed on that income.
  3. How much? between 19% and 21%.

What if I do not declare it?

It is a risk we never recommend taking. The Spanish Tax Agency has computerised data on a multitude of transactions we make, it is very easy for them to find out and if they catch you on average you will pay 150% of what you didn’t pay in the first place.

Is there anything else I should know?

Yes, you may also be obliged to file 720 depending on where your cryptocurrencies are held.

Anything else about the income effects of cryptocurrencies?

Again yes, the value of the cryptocurrencies you hold must be taken into account when calculating Wealth Tax (including for calculating the minimum exemption).

Remember that it is advisable to use a platform that allows you to control your portfolio of cryptocurrencies, some popular ones are Cointracking, Cointracker, Koinly; and that in the same way that a bank or stock market investment platform provides you with the data of returns to make your income will allow you to extract that information easily.

If you don’t want to take any risks, we are here to take care of everything. Contact us! By Whatsapp and/or email.

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