Invest in bitcoin. Perhaps this is one of the most repeated phrases on Instagram and other social networks. cryptocurrencies They are here to stay, or so it seems. They have their supporters and detractors, but be that as it may, there are those who already have cryptocurrencies in their assets. virtual wallet. And if we’re talking about money and income, we should also be talking about the income statement. Between April 6 and June 30, any adult for a certain amount last year, it is necessary to notify the treasury, the tax office.

A question many will ask themselves if they bitcoin holders and other cryptocurrencies, is whether this new virtual currency falls under what the Treasury needs to 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 must report cryptocurrencies in income 2021-2022?

First, it’s good to know What is an income statement?. This is a procedure that we carry out, as taxpayers, before the tax service. Every year, we announce what we have earned in the previous year. Benefits that are subject to personal income tax, known as IRPF. This is the most popular tax along with VAT and taxes on what you earn by 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?

The novelty was viewed through a magnifying glass

Treasury has a lot information about us. Do you know if we have characteristics combining their data with the Cadastre data. 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 obligations. also know how much do we earn working because companies have to provide this information. But with cryptocurrencies and Bitcoin at the forefront, this is not yet the case as it is such a recent “product”.

It was last year that the Ministry of Finance started to wonder for cryptocurrencies. The Tax Fraud Act has included cryptocurrencies or cryptocurrencies in its list of items to watch out for. This was in the summer of 2021. The text says: fiscal control over the cryptocurrency marketestablishing new information obligations on storage and operations with virtual currencies”.

But these obligations currently only apply to companies working with cryptocurrencies. That is, those who offer storage and/or exchange services cryptocurrencies. The owners of these cryptocurrencies, not yet.

Bitcoin es la criptomoneda o moneda virtual más popular
Photo by Kanchanara on Unsplash

When to announce your cryptocurrencies?

At the moment, the Treasury considers Bitcoin and other cryptocurrencies virtual asset. An intangible asset that can be used as a payment method and whose value can go up or down. Moreover, exactly buy and sell cryptocurrencies which brought him the greatest fame. So we don’t have to state if we own cryptocurrencies, but if we have money earned or lost with them when selling. Or to put it in jargon, “crypto” is not declared in exchange if they are not making a profit and/or are in the process bid. In short, a cryptocurrency is treated like a stock or a mutual fund.

As for the announcement cryptocurrency profitwe must declare them in 2021 income if this income exceeded 1000 euros. If we had losses, we are not required to declare them, but it does not hurt.

On the one hand, earnings on streaming, mining, trade or sales to third parties are taxed from 18% to 47% in a common part Rent. On the other side, tax base on profits made with bitcoins and other cryptocurrencies to return capital (interest, styling) or without transmission (airdropsreferral programs, hard forks) ranges from 19% to 26% and is taxed at special part Rent. In four sections:

  • Up to 6,000 euros of income or interest, they are taxed at a rate of 19%.
  • From 6,001 to 50,000 euros of income or interest, they are taxed at a rate of 21%.
  • From 50,001 to 200,000 euros they are taxed at a rate of 23%.
  • Starting from 200,001 euros, they are taxed at a rate of 26%.

How and where to declare your cryptocurrencies?

makeWhere should we point the profit we made last year with cryptocurrencies? The 2021 income statement has boxes dedicated to this and other goals. We are interested in the box 1626. In the section “Capital gains and losses received from the transfer of other property elements”, we will indicate the balances in virtual currencies or cryptocurrencies in relation to sales and exchange. And in the section “Profit and loss not related to the transfer of assets” we will put interest or bid.

For those who have a comfortable fortune, i.e. approximately more than 600,000 euros, in addition to the income tax return, they must submit wealth tax or model 714. The maximum exemption depends on each Autonomous Community. The figure of 600,000 euros is an approximation. Be that as it may, in these cases, the 714 has box 46 indicate the balances in virtual currencies for the previous year, which corresponds to the declared income.

Finally, if we have assets abroad such as cryptocurrencies held in platforms from other countries, we must fill out form 720. But only if these assets abroad amount to 50,000 euros or more. Otherwise, this additional document is not needed.

Source: Hiper Textual

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