Are you a proud owner of Bitcoin or other cryptocurrencies and have already made profits? We will explain what you need to consider when filing your tax return.
Many of our clients ask us whether profits from Bitcoin are tax-free. There is no universal answer to this question.
First, we need to clarify whether it concerns income or wealth taxes. There are different ways to generate income, for example, by buying and selling Bitcoin for a profit. Pure price gains are exempt from income tax.
However, if you generate income through lending, yield farming, staking, or mining, you must report this income in your income tax return. This would be income from self-employment.
You are considered self-employed if you have a systematic intention to make a profit, if you do not only invest your own assets, or if a high transaction volume is recognizable.
Was betrifft die Vermögenssteuern?
Regarding wealth taxes, in general, it can be said that owning Bitcoin is economically comparable to owning cash or precious metals and should therefore be recorded as wealth in the tax return. For simplification purposes, these securities and assets are declared as "other assets" with the name of the Bitcoin.
The FTA publishes an annual year-end tax rate, the ICTax, for Bitcoin.
For all other cryptocurrencies or NFTs, we recommend that you record the price on December 31st. If you missed this, no problem, you can simply declare the purchase price and enjoy a certain degree of discretion.
Now you know how to handle this digital currency lawfully.
If you have more specific questions on this topic, do not hesitate to contact us.
We wish you a pleasant time while filing your tax return.
In the Video, Alma Angova will briefly explain the topic again in german.
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