Following recent government changes, here’s how you should declare cryptocurrencies


Several days ago the Tax Agency published the 2022 income simulator that allows any taxpayer to know if the declaration is going to be returned to pay. This model must include all the income that has been had during the previous year, also including capital gains through the purchase and sale of shares or even cryptocurrencies.

This simulator shows all the changes that this year are added by the Tax Agency, with many new features in the field of cryptocurrencies. At the time of its publication, there were many tax advisors who began to analyze all these developments, finding problems in the cryptocurrency section by equating the repurchase of cryptocurrencies to that of a share, when they are not at all similar, or the complexity of declaring all transactions by adding details that do not contribute anything.

The Government tries to correct itself when declaring cryptocurrencies

At the moment, these advisers complained in a video published to their different networks, and affirmed that they were going to take the appropriate measures before the Tax Agency so that they could reconsider. And it seems that it has worked, since last Friday in the BOE the ministerial order was published with all the information of the model 100 rectifying what appeared in the simulator itself at first. In addition, the simulator has also been updated to version 1.01 with changes to the information that must be entered. This is something that Cris Carrascosa has spread with an image of the cover of a newspaper. 

This order highlights the elimination of tax punishment in operations with cryptocurrencies. From that moment on, the box that established a limit to the compensation of the losses of the operations that were carried out was eliminated. Previously, you could find a box with the explanation “no imputation of loss due to repurchase of homogeneous virtual currencies”.  And it is that previously it was pointed out that these virtual currencies had the nature of homogeneous goods but it was not specified what exactly that meant to be able to apply it in these models.

Now you will have to specify the gains and losses from the transmission of virtual currencies in a very specific box. And this is something important, because in this declaration the repercussions of a disastrous year in this sector will be seen, as significant patrimonial losses have been noted. These will now be able to be distinguished in three sections: real estate, virtual currencies and others.

What does seem to last in the final model, after these last-minute modifications by the Government, is the obligation to break down one by one all the operations that have been carried out. The experts pointed out that the Tax Agency itself is only interested in what has been gained and what has been lost in the global calculation , but they want to break it down for each cryptocurrency. Something that will only cause more work for specialized tax advisors for no reason.

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