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In Europe it is specially regulated, in this post I explain how it works in Spain. But, although with variations, it can serve as a reference for the rest of the European Union.
An investor who, through a broker, has been carrying out operations with crypto-currencies during the year and has obtained profits, must incorporate them to his patrimonial profits of the taxable base of the income tax savings, paying for them at a percentage that can vary between 19% and 23% depending on the profit obtained. The same applies if you have traded bitcoins through CFDs or if you have traded on exchange platforms that are not regulated.
Taxable Base of Savings
- From 0 to 6,000 euros 19%
- From 6,000 euros to 50,000 euros 21%
- More than 50,000 euros 23%
According to the Personal Income Tax Law (IRPF), it would be adapted to Article 33:
Capital gains and losses are those variations in the value of the taxpayer's assets that become apparent on the occasion of any alteration in the composition of the assets, unless they are qualified as income under this Law.
How to calculate the capital gain with cryptomonies?
The calculation of the capital gain with crypto-currencies is obtained from the difference between the acquisition value and the transfer value, excluding the expenses (commissions, spreads and other expenses related to the operation). In the case that the investor has carried out more than one operation with crypto-currencies, he must apply the FIFO criterion (first in, first out); that is to say, the first sales of crypto
It's important to point out that even if you don't cash the benefits in real money, you will have to present them in your Income Tax Return; that is, even if you don't take the Bitcoins out of your virtual wallet, you will have to pay taxes
Losses operating with
Losses derived from trading with crypto-currencies can be compensated with other capital gains from Forex, CFDs, Options or Crypto-currency trading in the same year. If after compensating them with the annual profits we still have patrimonial losses due to the trading with crypto-currencies, they can be compensated with the limit of 15% with the Income from Moving Capital. If we still have capital losses, these can be compensated with the profits of the taxable
Model 720 with crypto
A doubt for investors in crypto-money arises when presenting the model 720 for goods and rights abroad that exceed 50,000 Euros; different experts in the field indicate that if the money in crypto is kept in virtual purses there is no geographical location of them and therefore the model 720 should not be presented for crypto-money. Although the Tax Agency has not yet expressed its opinion on the obligation to report through model 720 the amounts over 50,000 euros in crypto-currencies, we will have to wait. Although it is more than likely that they will have to be declared.
