Although declaring cryptocurrencies in your income tax return is a personal decision, it is still a tax obligationThat is why, from Bit2Me, the main digital asset company leader in the Spanish-speaking market and registered with the Bank of Spain, we want to provide you with clear and concise information, to help you understand the tax policies that apply to crypto assets.
If you decided to buy cryptocurrencies in 2021, but you have not yet filed a tax return, it is best to do so regularize unreported gains or losses with these digital assets, in order to avoid possible penalties and tax surcharges by the agency.
Aktion Legal's cryptocurrency tax advisory specialist, Patricia Navarro, recommended, in the webinar “Crypto Taxation 2024” from Bit2Me, to carry out the tax regularization of cryptocurrencies that should have been declared, but were not declared in previous years, voluntarily.
“If you make a regularization, a supplement to your voluntary income tax return, what they put on you is, if you have to pay, they put a small surcharge on you. But if it is the administration that inspects you and that, through the data, carries out the entire inspection and reaches amounts that you should have included and you have not done so, then that is where they can end up sanctioning you with 50% or more of the amount that you have to pay. And in the end, that is where there is a loss,” commented the tax specialist.
The campaign of Income Statement 2023, which began on April 3, introduced new features in the tax return forms to account for profits and losses from cryptocurrency operations. Therefore, it is important to keep track of and trace operations carried out with these digital assets, in order to minimize errors and file taxes correctly.
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: Now you can 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 haven't reached Space Center level 1 yet, don't worry, you can join Space Center to get these and more benefits only for €20 from B2M.
- 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.
- Download 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 for free an Excel file 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.
