Madrid, July 18, 2023.
According to the study carried out by TaxCripto among its users, the sharp falls in cryptocurrencies in 2022 caused many of the investors in these assets to declare income losses for 2022. Many investors chose to materialize the losses before the end of the year with the goal of reducing your tax bill. At the end of 2022, on average, TaxCripto users accumulated a cryptocurrency heritage of more than €6,000 with losses of 70% without materializing
On June 30, the deadline for filing the Income statement for the year 2022 ended. This Income statement included important new features in the model to be filed in the field of cryptocurrencies. Specifically, a whole new section of specific boxes was included to declare the profits and losses generated with this type of asset. However, the poor evolution of cryptocurrencies in 2022 in what has been called “crypto winter” has caused many of the investors in these assets to declare significant losses in 2022. Specifically, according to TaxCripto estimates, more 70% of investors declared losses in cryptocurrencies during the year 2022. The balances in cryptocurrencies at the end of the 2022 financial year still accumulated losses close to 70%, which indicates that many investors who keep these assets in their portfolios did not materialize losses. Investors in futures and derivatives in cryptocurrencies do not escape losses either. In this case, 91% of the traders in these risk assets declared losses during the year 2022. Alberto Miranda, founder, CFO and tax advisor of TaxCripto, affirms that “after the bad behavior of the crypto market in 2022, it seemed logical to raise fiscally, the materialization of losses and their compensation with gains in other assets”. Indeed, it is necessary to carry out tax planning before the end of the financial year to analyze the possibility of converting latent losses into real losses that can be offset with the profits obtained during the year from other operations.Binance, the absolute leader in the Spanish investment market in cryptoactives The report prepared by TaxCripto also analyzes the platforms most used by Spanish investors in cryptoactives. Binance is the most prominent platform with 46% of all platforms integrated in TaxCripto and 85% of all transactions collected in this application for the Income campaign. It is followed at a great distance by Coinbase with 10% of the integrations and Kraken with 7%. The Spanish Bit2ME platform barely accounts for 2% of all the integrations and 1.7% of the transactions registered in TaxCripto. Regarding the most used currencies, Binance Coin (BNB) is in first place, present in 18% of the transactions integrated in TaxCripto. It is followed by Tether (USDT) with 11% and Bitcoin with 10%. By type of transaction, the most used by Spanish investors is staking (46%) and cryptocurrency swapping (39%). Jesús Luna, founder and CEO of TaxCripto, explains that “the average Spanish investor in cryptocurrencies has an account on Binance, it usually operates with BNB and USDT and generally carries out crypto asset swaps and staking operations due to its high profitability”. The 721 model, a new tax obligation for investors in crypto assets In addition to the Income statement, cryptocurrencies must be declared in the model 721. Model that has not yet been approved, it should be noted that, initially, it will have to be submitted by tax residents in Spain who have crypto assets located abroad, as of December 31, for a value greater than 50 thousand euros. It is very important to know that, if it were approved before December 31, 2023, there would be an obligation to submit it between March 1 and 31, 2024. Knowing the location of the crypto assets and what balances could be part of the 721 information model is essential for face the new tax legislation applicable to cryptocurrencies.According to TaxCripto data, only 4% of cryptocurrency investors exceeded the established limit and would have had to present it in 2023.About TaxCripto TaxCripto is the first Spanish platform fully adapted to tax legislation to help investors in cryptocurrencies to settle their taxes on this type of asset. The application allows you to prepare and download tax reports on personal income tax, wealth tax and Model 721 and has 16 exchanges, 9 wallets, more than 4,000 cryptocurrencies and 18 types of transactions. https://www.taxcrypto.es
ContactContact name: TaxCripto CommunicationContact description: TaxCripto CommunicationContact telephone number: 609789206
