Anyone who generated profits from the sale of crypto assets in 2023 must declare the capital gains generated to the IRS. The Tax Authority recently launched a guide on Cryptoassets – Fiscal concept and taxation.
Cryptoassets: Delivery of the annual IRS declaration, annex G
Cryptoassets “Are digital representations of values or rights that can be transferred and stored electronically. Although they can be used to make payments, as the value of crypto assets fluctuates greatly, they are mainly used as investment assets. Currently, the main cryptoactives traded on the market are: cryptocurrency, NFTs and Stablecoins.
Capital gains are gains obtained which, not being considered business, professional, capital or property income, result from the costly sale of crypto-assets. Positive capital gains not excluded from taxation are taxed at the autonomous rate of 28%, without prejudice to the taxpayer being able to opt for inclusion when submitting the annual IRS declaration, Annex G.
The taxation of this income varies depending on the time limit of its possession and whether or not it constitutes securities.
To help taxpayers, the Tax Authority launched the guide on Cryptoassets – Fiscal concept and taxation which you can download here.
