When declaring cryptocurrencies in your income tax return, it is important to have a record of the origin and traceability of all operations that have been carried out with virtual currencies.
From Bit2Me, the leading digital asset platform in the Spanish-speaking market and registered with the Bank of Spain, users have access to Bit2Me Tax. Thanks to this tool, you can generate and download your 2023 tax reports directly from the app and access all the data necessary to file your tax return correctly.
However, in the webinar “Crypto Taxation 2024”Together with Bit2Me’s commercial director, Javier Pastor, and Bit2Me Tax product leader, Juan Fornell, the tax lawyer at Aktion Legal and cryptocurrency tax specialist, Patricia Navarro, advised users to evaluate different alternatives in case they do not have access to the record of operations executed with cryptocurrencies.
In the specific case of Bit2Me users who have previously traded their crypto assets on other exchange platforms, but who cannot access purchase information and other transactions made on these platforms due to various circumstances, the specialist recommends evaluating the possibility of taking the value with which the cryptocurrencies enter the Bit2Me platform.
According to the expert, it is possible that the Treasury will recognize this value for the declaration of cryptocurrencies.
“When you know that the traceability comes from another exchange and the acquisition value is not known… there are different alternatives to see if you can get the price at which it enters the Bit2Me wallet,” Navarro commented.
However, the specialist also warned that there is a certain degree of tax risk in using this alternative, as it is not possible to demonstrate to the Treasury the purchase value of the crypto assets owned. Navarro stressed that this will depend on the operations and the volume transacted with cryptocurrencies.
"The tax risk that may exist here is that it is not that they will not accept that value because it is in your favor, and the most remote scenario is that in the end they tell you that since you cannot prove the purchase value, that value is zero," he said.
Regarding cryptocurrency transactions, it is important to include in the income tax return all transactions made with cryptoassets, from the purchase and sale, exchange or swap and payment of goods and services, without omitting data on them, to avoid incurring sanctions, fines and tax surcharges.
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.
