File the Income Tax Return with cryptocurrencies and Bit2Me Tax

The season of making Income tax return with cryptocurrencies This year comes with news. It was already known that the Tax Agency was going to pay more attention to cryptocurrencies in annual tax returns, requiring taxpayers to declare the profits and losses obtained in their cryptographic operations, and creating new information models that must be presented mainly by exchanges. cryptocurrencies. Let's clarify it.

What are models 172, 173 and 721

From the beginning of 2024, there are new models that certain actors must present to the Treasury. It is important to note that these models are only informative, so that the Tax Agency can collect more data on the cryptocurrencies in the possession of citizens.

The 172 and 173 models, approved in the Order HFP/887/2023, of July 26, must be presented by "people and entities that offer intermediation services, custody of cryptographic keys or exchange between virtual currencies and fiat currencies or between different virtual currencies", mostly exchanges.

El model 172, called "Informative declaration on balances in virtual currencies", is used to inform the Treasury about the value in euros, quantity and type of cryptocurrencies held by users on different platforms and companies as of December 31 of the previous year.

El model 173, on the other hand, includes data on operations carried out by users during the previous year, such as purchase, sale and exchange prices, names of the cryptocurrencies acquired, number of units bought and sold, value in euros, commissions and associated expenses.

The last model approved in the Order of July 26 is the 721. This is aimed exclusively at individuals and requires those with more than €50.000 in cryptocurrencies in exchanges abroad to present said document so that the Treasury has proof of that balance and can compare it with the Income Tax Return of the subject who presents it.

New boxes in the 2023 Income Tax Return

In addition to these new information models, gains and losses with cryptocurrencies must be computed as savings income in the Income Tax Return. Although it is not new, each year the Tax Agency further adjusts the forms where the information must be included to make the final calculations.

Like the previous year, in 2024, the Income Tax Return includes a specific section for cryptocurrencies, which is from box 1800 to 1814. For example, in boxes 1802 and 1803, the taxpayer must specify the cryptocurrencies exchanged and received instead; in boxes 1804 and 1806, the exchange and acquisition values ​​to calculate whether there was a capital gain or loss in each transaction.

As for the the amounts that must be paid to the Treasury, the sections are as follows:

• For profits from operations carried out with cryptocurrencies less than €6.000, the payment is 19% of the profit.
• If they are greater than €6.000 but less than €50.000, it will be 21%.
• Between €50.001 and €200.000, 23%.
• Between €200.001 and €300.000, 27%.
• Above €300.001, 28%.

As for losses, those that are computed in a fiscal year may be used for future income tax returns, remaining as a kind of "balance" to offset future profits, within a maximum period of 4 years.