Guide to Crypto Taxes in Spain for 2024
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Spanish tax residents must file crypto taxes using Form 100 (Modelo 100) by June 30. Meeting this deadline is essential to avoid penalties.
Not all crypto transactions are taxed equally in Spain. The rate you'll pay depends on the type of crypto activity. For instance, when you make money from selling crypto, the tax rate can be between 19% to 26%. However, if you're involved in other crypto dealings, such as mining, the tax rate might be higher - between 24% and 47%.
Navigating the complex landscape of crypto taxes in Spain is crucial for individuals involved in cryptocurrency transactions. This helpful guide provides detailed insights into Spain's crypto tax regulations, ensuring you stay informed and compliant this and every tax season.
Is cryptocurrency taxed in Spain?
Yes, cryptocurrency is taxable in Spain. The Agencia Tributaria considers it a capital asset, with gains from crypto transactions falling under savings income, subject to Personal Income Tax (PIT). Reporting crypto profits is mandatory as part of your annual tax return.
In Spain, capital gains from crypto transactions are treated as savings income and taxed accordingly.
Capital gains tax rates
The tax rates for crypto capital gains range from 19% to 26%, employing a progressive structure based on different income brackets. This ensures a fair distribution of tax burdens.
| Savings taxable income | Tax rates |
|---|---|
| Up to 6,000 EUR | 19% |
| >6,000 EUR ≤ 50,000 EUR | 21% |
| >50,000 EUR ≤ 200,000 EUR | 23% |
| Over 200,000 EUR | 26% |
Capital gains accounting method
Spain utilizes the FIFO (first-in-first-out) accounting method for calculating crypto capital gains. Known as PEPS (primero en entrar, primero en salir), it ensures a systematic approach to determining cost basis.
Taxes on crypto mining and direct payments
Mining crypto or receiving crypto as payment for goods/services is considered general taxable income, attracting higher tax rates compared to capital gains.
Treatment of crypto mining rewards
Mining rewards are viewed as income at the time of receipt. Subsequent disposals of mined coins are subject to income savings tax based on value changes.
General taxable income rates
The tax rates for general taxable income range from 24% to 47%, providing a comprehensive overview of the tax landscape for various income sources.
| General taxable income | Total tax rate (state + regional) |
|---|---|
| Up to 12,450 EUR | 19% |
| > 12,450 EUR ≤ 20,200 EUR | 24% |
| >20,200 EUR ≤ 35,200 EUR | 30% |
| >35,200 EUR ≤ 60,000 EUR | 37% |
| >60,000 EUR ≤ 300,000 EUR | 45% |
| Over 300,000 EUR | 47% |
Wealth taxes
Wealth taxes come into play when total assets exceed €700,000, and crypto holdings are included in net worth calculations.
Regional wealth tax variations
Wealth tax rates vary by region, ranging from 0.21% to 3.75%. It's crucial to know regional variations to assess your wealth tax obligations accurately.
| Tax base (EUR) | Fee (EUR) | Remaining taxable amount (EUR) | Tax rate |
|---|---|---|---|
| 0 | 0 | 167,129.45 | 0.2% |
| 167,129.45 | 334.26 | 167,123.43 | 0.3% |
| 334,252.88 | 835.63 | 334,246.87 | 0.5% |
| 668,499.75 | 2,506.86 | 668,499.76 | 0.9% |
| 1,336,999.51 | 8,523.36 | 1,336,999.50 | 1.3% |
| 2,673,999.01 | 25,904.35 | 2,673,999.02 | 1.7% |
| 5,347,998.03 | 71,362.33 | 5,347,998.03 | 2.1% |
| 10,695,996.06 | 183,670.29 | Onwards | 3.5% |
To calculate your wealth tax, you need to know the cumulative value of your taxable assets.
How to report crypto taxes in Spain
For Spanish tax residents: Complete Form 100 (Modelo 100) to declare crypto taxes. Personal income taxes utilize Modelo 100, while wealth tax is reported on Modelo 714. Utilize AEAT's Renta Online for easy tax filing.
Important date: The tax year runs from January 1 to December 31, with the deadline for filing by June 30.
Models explained: Model 721 is essential for reporting crypto holdings abroad, ensuring compliance with wealth tax regulations.
Accounting method: FIFO is the approved method for calculating crypto taxes in Spain.
Model 720 declaration and crypto
Notably, the Model 720 Declaration does not apply to cryptocurrency holdings. Instead, Model 721 is introduced for reporting crypto holdings abroad exceeding €50,000.
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Guide to crypto taxes in Spain FAQs
Here are answers to frequently asked questions about crypto taxes in Spain.
Can the Agencia Tributaria track my cryptocurrency?
Yes, the Agencia Tributaria employs mechanisms, including collaboration with crypto exchanges, to monitor crypto transactions. Compliance is crucial to avoid penalties.
What is the deadline for reporting crypto taxes in Spain?
The tax year runs from January 1 to December 31, and the deadline for filing taxes is June 30 of the following year.
What accounting method is used for crypto tax in Spain?
Spain follows the FIFO method (first-in-first-out) for calculating crypto taxes, ensuring a systematic approach to determining cost basis.
Stay informed, comply with regulations, and file your crypto taxes accurately to navigate Spain's evolving crypto tax landscape seamlessly in 2024.
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