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Crypto trade history

Bitcoin and cryptocurrencies have been one of the investment trends and will continue to be so in the future. With this scenario, it was only a matter of time before the taxation of virtual currencies caught the attention of the Treasury. Cryptocurrencies and their taxation are being one of the focuses of the Tax Agency, which in 2021 is redoubling its efforts to collect and tax all transactions with cryptoassets.
This taxation of cryptocurrencies makes it time to ask how bitcoin is taxed in the income tax return? Is it necessary to declare the gains from investing in cryptocurrencies? Do they compute in the Wealth Tax?
There is one thing you should be clear about. If you invest in bitcoin you are going to have to pay income tax. And the fact is that, for practical purposes, investing in cryptocurrencies is not very different from operating with currencies, especially when it is done through a broker.
How to include cryptocurrencies in the income tax return?  For the tax authorities, the money you get (or lose) with cryptocurrencies is considered a capital gain or loss. The translation is that you will pay between 19% and 23% for your gains when making the 2020 income tax return and between 19% and 26% in the IRPF 2021.

Cryptocurrency tax portugal

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How does the Treasury monitor cryptocurrencies? The Tax Agency obliges to declare them as a capital gain. Although there is no specific legislation for virtual currencies at the moment, if they must be declared, and even in certain cases the 720 model must also be filed.
Despite not having specific regulations, there are certain regulations that can be applied and that require declaring cryptocurrencies in certain cases, since they are considered capital gains. The new regulations indicate that cryptocurrencies must be declared, in terms of informing the Treasury that we hold them. However, taxation (i.e., paying taxes) only occurs in cases where a cryptocurrency is converted into fiat money (euros) and gains are obtained in that conversion.

Spain crypto tax reddit

You may be one of those lucky ones who invested in bitcoins when they were just starting to be talked about and now you find that your money has appreciated so much that you don’t quite know what to do with it.
Converting it back to euros and enjoying the gains is always an option. But do you have to tell the tax authorities, and how? What happens if you don’t declare it? Can you go to jail for tax evasion? How much money can the tax authorities suspect that I have made profitable transactions with bitcoins?
However, in the United States this is starting to happen: a judge has ruled that the request for information by the country’s tax agency on the activities of users is not excessively intrusive.
In other words, the IRS does not know if you have cryptocurrencies, just as it does not know if you keep money under your mattress. But, if you have not declared them to the Treasury, you should still have everything ready because, sooner rather than later, the Treasury will take action on the matter.

Is bitcoin legal in spain

In Ilia Consulting we are experts in advising on the taxes to be paid for cryptocurrencies. We study the case, analyze how virtual currencies are being used, the circumstances of those who use them and advise on the best way to pay taxes.
Tell us about your case without obligationWhat does our service consist of? 1. Preliminary studyWe make a study of the situation of each client. We evaluate and advise on the tax situation.2.
In Ilia Consulting, aware of the importance and the great repercussion that Blockchain technology has but, above all, will have worldwide, we have been specializing our different departments in the different areas related to the mentioned technology for some time now.
Particularly, our specialization has focused on advising on the taxation of cryptocurrencies and the different activities related to cryptocurrencies (acquisition, trading, cryptocurrency mining, income from referrals, etc.) and how these should be declared in the respective taxes.