Treasury for the express declaration of virtual currencies or cryptocurrencies.
The Personal Income Tax (IRPF) regulates these operations as capital gains or losses, if they are not carried out within the scope of an economic activity, calculated by the difference between the transmission and acquisition value.
There are several types of transactions with tax effects. The first is the exchange of virtual currencies for legal tender. The second is the exchange of a cryptocurrency for a different one; and the last one, caused by the non-return of the deposited coins or by the bankruptcy of the trading platform. These assets are stated at their market value as of December 31.
legal tender
The exchange of virtual currency for fiduciary currency is understood as the purchase and sale of virtual currencies through the delivery or receipt of euros or any other foreign currency of legal tender or electronic money that is accepted as a means of payment in the country in which it has been issued.
The amount of these capital gains or losses is income from savings and is integrated and offset in the tax base of savings within the established limits.
In the declaration, they are included in the Capital Gains and Losses section derived from transmissions of other capital elements, entering the code 0 in the box, which corresponds to virtual currencies. Next, go to the box and indicate that it is an onerous inter vivos transfer and we will add the information on the dates of acquisition and sale, as well as the values of each operation and the associated expenses.
It is necessary to compute, to determine the acquisition and transmission values, all the expenses originated in these operations, provided that they are directly related to them and we have paid them ourselves.
The Personal Income Tax Law does not establish a specific rule to identify the capital gain or loss, since, in the case of homogeneous virtual currencies (for example, bitcoin), which are understood to be transmitted, we must consider that, if partial sales are made at different times and at different values, those that are transmitted first are acquired first.
We will allocate this effect at the moment in which the virtual currencies are delivered, according to the sales contract, regardless of the moment in which we receive the sale price, having to allocate to us the capital gain or loss produced in the tax period in which delivery has been made.
currency exchange
The exchange of a virtual currency for another different currency constitutes a swap, of those regulated in article 1,538 of the Civil Code. And if the exchange is carried out outside of an economic activity, we are faced with an alteration in the composition of the assets, since an amount of a virtual currency is replaced by an amount of a different one, which reveals the obtaining of an income which is classified as a capital gain or loss.
We have to value this loss by the difference between the acquisition value of the virtual currency that is delivered and the greater between the market value of the virtual currency delivered and the market value of the good or right that is received in exchange.
In subsequent transmissions, the acquisition value of the virtual currencies obtained through exchange is the value that we have taken into account. Regarding the market value of the virtual currencies that are exchanged, it is the one that would correspond to the price agreed for their sale between independent parties at the time of the exchange operation.
The imputation occurs at the moment in which the exchange of virtual currencies is carried out and must be subject to accreditation through the means of proof generally admitted in Law, if requested by the Management or Inspection bodies of the Tax Agency. (Aeat).
We are dealing with income from savings and in the declaration we must include the data in the section Capital gains and losses derived from transmissions of other capital elements, entering the code 0 in the box.
No return of the deposit
If the deposited coins have not been returned to us or the trading platform has been broken, this amount that has not been returned at maturity does not automatically constitute a capital loss, since the creditor maintains his credit right, having to go to the special rule of temporary imputation for the assumptions of uncollected credits.
Capital losses derived from overdue and uncollected credits can be attributed to the tax period in which a reduction established in a judicially homologous refinancing agreement, or in an extrajudicial payment agreement, regulated in the Bankruptcy Law, becomes effective.
As an alternative, we can allocate the capital gain or loss to the period in which, with the debtor in a bankruptcy situation, the agreement in which a reduction in the amount of the credit is agreed becomes effective in accordance with the provisions of the Bankruptcy Law, in which In this case, the loss must be computed by the amount of the agreed reduction.
When the insolvency procedure concludes without the credit having been satisfied, except if the conclusion of the insolvency is agreed. And, finally, one year after the start of a legal proceeding other than bankruptcy, the purpose of which is to execute the credit without it having been satisfied.
In the event that we collect the credit after the calculation of the capital loss, we must allocate a capital gain for the amount collected in the tax period of the collection.
As it is a capital loss that has not been revealed on the occasion of transfers of capital elements, it is part of the general income, and we must integrate it into the general tax base of the Income Tax.
Types of taxation
Transmission gains and losses and capital gains are taxed in the special part of the income tax return. Thus, in 2021, the first 6,000 euros are taxed at 19%; from 6,0001 to 50,000 euros they do so at 21%, while the following 150,000 have a rate of 23%.
From 200,000 euros, we will pay taxes at 26%. Meanwhile, profits and losses without transmission and economic activity are taxed in the general part of Income, with rates ranging from 18% to 47%.
On the other hand, since virtual currencies have economic content, they must be declared if there is an obligation to do so by Patrimony.
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