The campaign of Income Statement 2023 It started in Spain on April 3, and with it some important questions have arisen, such as whether you should declare the cashback you receive when buying or paying with your cryptocurrency card.
In this specific case, if you have received a cashback in cryptocurrencies, for having made purchases or payments with your Bit2Me Card, You must include these rewards on your tax return form..
Patricia Navarro, an expert lawyer in cryptocurrency tax advice at Aktion Legal, commented during Bit2024Me's “Crypto Taxation 2” webinar that users must record the rewards received as cashback as income, which must be added to the rest of the assets they have in their accounts.
“…With the purchase made with the card, we have said that we would have either a profit or a loss for the value that you are using to make the purchase. With cashback, it is a bit more technical: it would form part of your wallet and would be added to the rest of the values that you have and that, in order to sell what you have obtained, you will have to declare it,” Navarro commented.
On the other hand, the specialist clarified that, in case of receiving cashback in euros, for your purchases and/or payments with Bit2Me Card, this should be considered as a discount and declared as such in the income tax return form.
Additionally, Navarro reminded that users must include in their tax return the profits or losses generated by the value of the cryptocurrencies used when making a purchase or payment using the Bit2Me Card.
Bit2Me Tax helps you with Income 2023
Bit2Me Tax is the tool that all Bit2Me users have available to download the data necessary to file their tax returns in relation to their cryptocurrencies. This year they have introduced new features regarding the launch of the tool in 2023.
- Fiscal Report 2023: You can now generate and download your 2023 tax report directly from our App. Keep your records up to date and prepare your taxes more efficiently and in just two clicks from the Bit2Me App in the 'Tax' menu. To do this, you must be at least Space Center level 1. If you have not yet reached Space Center level 1, don't worry, you can join Space Center to get these and more benefits.
- Adaptation to Treasury specifications: We have adapted our tax reports to the new specifications of the Tax Agency in Spain. This includes changes to the taxation of the user's personal income tax in accordance with the latest regulations.
- Downloading previous reports: In addition to the current year's report, you can also access and download reports from previous years.
- Appointments with tax advisors: Starting April 3, you will be able to schedule your appointment with a tax advisor directly from our application and web platform. Get the professional advice you need to optimize your tax situation.
- Excel download of movements: You can also download an Excel file for free with all your movements in Bit2Me during 2023 and so far in 2024. This way you can have exhaustive control of all your records and do it for free.
