How to declare cryptocurrencies in Spain (consejos
Increasingly you perro see the increase in people trying to try their luck to earn digital coins or so-called cryptocurrencies. But, you have to be aware that this procedure generates profits and/or losses that brings with it the obligation to archivo an income statement.
Although, for some investors this obligation is somewhat complicated, perhaps because there is no accurate information on how to tax income from cryptocurrencies. However, it is clear in Spain that taxpayers must declare the gains/losses obtained from cryptocurrency investments, although there is currently no specific law.
Given these circumstances, this article aims to briefly explain the way to declare cryptocurrencies and comply with the relevant tax obligations.
When is it taxed?
According to Spanish legislation, taxes are presented between May 1 and June 30 of each year. That is, in the current year, the taxes of the income generated the previous year are presented.
Also, if the total of your assets on that date (properties, investment funds, cryptocurrency cómputo) exceeds the established limit, you must declare it.
How much is the sale of Bitcoins taxed?
Currently, bitcoin and cryptocurrencies are revolutionizing the world and will continue to be present in the future. For this reason, it has caught the attention of the Treasury and has been taken into account for the tax return.
When investing in bitcoin you are obliged to pay income tax and there is a scale according to what is received to declare and pay. Remember, when you carry out operations of buying and selling bitcoins, it is obvious that you obtain a benefit known as capital gain
If the earnings are up to 6,000 euros the tax is 19%, in the case of earnings between 6,000 and 50,000 euros they are located at 21%. When profits exceed 50,000 euros, the tax of 23% corresponds.
clear for determine the calculation of such capital gain You must know the difference between the purchase price and the sale price.
What do I have to pay if I earn Bitcoins?
For the specific case of VAT payment, operations (purchase and sale) of cryptocurrencies are exempt from VAT. In 2015 in Spain it is considered a legal payment method. Although VAT is not applied on transactions made with this currency.
Therefore, there is no obligation to pay the Bitcoins for the Tax on Familiar Transactions, because VAT is not applied.
On the other hand, for the case of annual income, it is necessary to be attentive to the amount that is exchanged and the conversions from cryptocurrencies to euros. Subsequently, when passing the investment to cash, it is necessary to know how much was actually obtained.
In relation to the investment, its profit will be taxed as capital gain or economic activity. Such income will follow the same tax regulations as any other income that has the same treatment.
Regarding capital gains, the minimum is 1000 euros per year. If it is taken as an economic activity, it must not exceed 1000 euros (in case you do not have another type of income).
Cryptocurrencies and personal income tax
It is necessary to remember that the December 31 of each year ends the personal income tax period, giving rise to the tax to be paid. Therefore, before the end of the year, it is convenient to know how the income statement affects transactions with cryptocurrencies.
The daily increase in investors in this digital financial asset perro be seen worldwide and each country seeks a way to legally govern them. Also, know that cryptocurrencies such as bitcoin are virtual currencies used as a means of payment that are exempt from VAT.
However, are not exempt from personal income tax because when they are used as a form of investment has a direct impact on this well-known tax. This and other factors must be taken into account so that surprises do not happen when filing the annual income statement.
How to declare cryptocurrencies in personal property
Personal assets must be declared in the wealth tax, profits or losses from cryptocurrency operations are part of the assets. By December 31, notification of the cryptocurrencies obtained by paying taxes for the market value on that date must be notified.
It should be noted that the autonomous communities are in charge of this tax figure and what is determined by each respective community must be taken into consideration. Without forgetting, that cryptocurrencies have the same treatment as stocks or investment funds.
where once certain gains are offset by losses and proceed to declare in the respective section.
What happens if you dedicate yourself to the sale of cryptocurrencies?
When the fashion of cryptocurrencies arrives, different doubts related to the payment of taxes arise. Many users wonder, do they have to be paid for receiving them? If the answer is affirmative, other questions are generated: how is the declaration presented? If the money has not yet been received in legal currency, should it be declared? Among others more.
Given the doubts, it has been clarified that the dedicate yourself to the purchase / sale of cryptocurrencies you are obliged to pay taxes for them. Keeping in mind that, when buying bitcoins, then selling and finally obtaining common currency money (euros), you must necessarily pay taxes. Regardless of whether in the process you have achieved a profit or a deficit.
Now, if you dedicate yourself to this business, but after the rental period has ended, you have not received the money in the common currency (euros). Likewise, the investor must pay taxes for the exchange between virtual currenciessince it originates the obtaining of an income called capital gain or loss.
In other words, the investor is obliged to pay taxes regardless of whether he has obtained a profit or loss in his operations, in the legal currency. Remembering that taxation is based on the benefit obtained and is reflected in the scale that presents the percentages of the tax rate.
If you are one of the people or companies that engaged in the exchange of cryptocurrencies the information discussed must be of great interest. Remember “ignorance of the Law does not exempt you from its compliance”, there the importance of being clear about the legal foundations in digital transactions.
Being part of this world involves managing various procedures that will allow you to go the right way and earn money honestly. Despite being a relatively new matter, there is a lot of information to know, discover and share with the intention of adjusting to the respective laws.
Do you feel ready to venture into the world of cryptocurrencies?
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