Invest in Bitcoin. This is perhaps one of the most repeated phrases on Instagram and other social networks. the cryptocurrencies They are here to stay, or so it seems. They have their supporters and detractors, but regardless, there are those who already have cryptocurrencies in their virtual wallet. And if we talk about money and income, we must also talk about the income statement. Between April 6 and June 30, all winning adult of a certain amount last year, you must notify the Treasury, the Tax Agency.
The question that many will ask themselves, if they are bitcoin holders and other cryptocurrencies, is whether this new virtual currency falls within what the Treasury should know about us. If you know how much we have in the bank, what we invest it in and how much we have earned working,you need to inform about cryptocurrencies in Revenues 2021-2022?
First of all, it’s good to know What is the income statement?. This is a procedure that we carry out, as taxpayers, before the Tax Agency. Every year, we report what we earned in the previous year. Benefits taxed through personal income tax, known as IRPF. This is the most popular tax along with VAT and taxes on what you have earned from working, selling stocks and/or other banking products and/or selling or renting real estate and so on. . And how do cryptocurrencies fit into income?
A novelty under scrutiny
The Treasury has many information about us. Do you know if we have Properties cross-referencing their data with those of the Cadastre. knows How much money do we have in the bank and what we have invested it in, since banking entities are required to provide this information. Among other duties. also know how much do we earn working because companies have to provide this information. But with crypto-currencies, and Bitcoin in mind, this is not yet the case as it is a recent “product”.
Precisely, last year’s treasury started to take an interest for cryptocurrencies. The Anti-Tax Fraud Act has included cryptocurrencies or cryptocurrencies in its list of things to watch out for. It was in the summer of 2021. The text says “the tax audit in the cryptocurrency marketestablishing new information requirements on the holding and operations with virtual currencies.
But these obligations, for the moment, only concern companies that operate with cryptocurrencies. That is, those who offer storage and/or exchange services of cryptocurrencies. The owners of these cryptocurrencies, Not now.
When to declare my cryptocurrencies?
Currently, the Treasury views Bitcoin and other cryptocurrencies as a virtual asset. Intangible asset that can be used as a form of payment and that increases or decreases in value. Moreover, it is precisely the buy and sell cryptocurrencies which gave him the most fame. Thus, we do not have to declare if we own crypto-currencies but if we have money won or lost with them when selling. Or in the jargon, “cryptos” are not declared in to exchange if they are not making a profit and/or are in the process of stake. In short, cryptocurrency is treated like a stock or a mutual fund.
As for declaring cryptocurrency profitswe must declare them in Income 2021 if this income exceeded 1000 euros. If we’ve had any losses, we don’t have to report them, but it doesn’t hurt to do so.
On the one hand, revenues from streaming, mining, trade or sale on behalf of third parties, are taxed between 18% and 47% in the global part of rent. On the other hand, the tax base on the profits obtained with Bitcoin and other cryptocurrencies for the return on capital (interest, stack) or no transmission (airdropssponsorship programs, hard forks) varies between 19% and 26% and is taxed at special piece of rent. In four sections:
- Up to €6,000 of income or interest, they are taxed at 19%
- Between €6,001 and €50,000 of income or interest, they are taxed at 21%
- Between €50,001 and €200,000, they are taxed at 23%
- From €200,001, they are taxed at 26%
How and where to declare my cryptocurrencies?
To doWhere should we indicate the profits we made last year with cryptocurrencies? In the 2021 income statement, there are dedicated boxes for this and other purposes. What interests us is the box 1626. In the section “Gains and losses from the transmission of other assets”, we will indicate the balances in virtual currencies or crypto-currencies compared to sales and exchanges. And in the section “Profits and losses that do not arise from the transfer of assets”, we will put the interest or stake.
For those who have a comfortable patrimony, that is to say greater than approximately €600,000, in addition to the Income Tax Declaration, they must present the Wealth tax Is model 714. The maximum exemption depends on each Autonomous Community. The €600,000 figure is a generic approximation. Anyway, in these cases, the 714 model has the box 46 to indicate the balances in virtual currencies of the previous year, which correspond to the Income to be declared.
Finally, if we have overseas assets, such as cryptocurrencies stored in platforms from other countries, we must complete form 720. But only if these assets abroad reach the figure of 50,000 euros or more. Otherwise, this additional document is not necessary.
