The rise of cryptocurrencies has caused more and more people to try their luck in this world yet to be discovered. This, of course, has its implications for the Rent Campaign.
First of all, it must be clear that for the purposes of the Income statement, we have to focus on the exchanges between cryptocurrencies (that is, if we exchange bitcoins for ethers) and the conversions of cryptocurrencies to euros, with the aim of passing to Cash our investment.
All these assumptions are considered as capital gains or losses, and must be recorded in the declaration. To do this, a calculation must be made between the transfer value (the real value of the alienated) and the acquisition value (the value paid for the alienated, plus expenses), and the result is declared as profit or capital loss in the tax base of savings.
According to the , for the first 6,000 euros of capital gain, 19% is applied, which rises to 21% for the next 44,000 euros. From 50,000 euros, the rate is 23%.
In the event of having losses from the investment in cryptocurrencies, it is possible to compensate them with gains in the transmission of other patrimonial elements up to the following four years. There is no limit to offset, except in the case of movable capital, of which only 25% of its positive returns can be used.
To declare the cryptocurrencies in the Income, it is necessary to attend to box 389, the one destined to ‘Other capital gains to be included in the tax base of savings’.
cryptocurrency mining
In addition, there may be a case: that the taxpayer dedicates himself to cryptocurrency mining, which would mean an economic activity for which the proceeds must be declared.
In these circumstances, in addition, the taxpayer could deduct certain expenses derived from the activity: supplies, computer programs, rent… or any of those contemplated by the Treasury and that serve to alleviate the declaration bill.
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