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The taxation of swaps and sale of cryptocurrencies in exchange for euros<\/h2>\n
When you exchange cryptocurrencies for others, there is an alteration in your assets with effects on personal income tax.<\/span><\/p>\nIn this sense, the aforementioned Binding Consultation 1948-21 indicates that said exchanges will receive the tax consideration of swap by article 1,538 of the Civil Code.<\/span><\/p>\nThese exchanges involve obtaining an income for you classified as capital gain or loss (Article 33.1 Personal Income Tax Law), whose amount will be obtained by the difference between the acquisition value and, in this case, that of the asset received (article 37.1 LIRPF).<\/span><\/p>\nThese capital gains or losses must be included in the tax base of savings and be reported in the year in which they are made (art. 46. b and 49 Personal Income Tax Law). Therefore, unlike the gains obtained by referrals or airdrops, those obtained by swaps are taxed at rates ranging between 19% and 26%.<\/span><\/p>\nLet us remember that, in the event of a capital loss, we will have the possibility of offsetting them with the capital gains obtained in the next four years, or offsetting said losses, with certain restrictions, with positive returns from movable capital (dividends, interest, etc.) generated.<\/span><\/p>\nExample<\/span><\/strong>:<\/span><\/p>\nIn November 2020, you decided to buy BNB. At that time, the price is 24.6 euros, so you invest 300 euros, constituting a total of 12.19 BNB.<\/span><\/p>\nAfter a while, in March 2021, you decide to exchange these BNB for ETH. The BNB price in March 2021 is 232.51 euros, so the total value of your portfolio in BNB is 2,834.29 euros. For its part, at the time of the change, the ETH price was 1,618.41 euros per unit.<\/span><\/p>\nAlthough the result is that you continue to have, at the date of the change, the same value in euros, although instead of having 12.19 BNB, you have 1.7 ETH for a value of 2,834.29 euros, for income tax purposes, there has been an alteration in your assets in the form of capital gains:<\/span><\/p>\n\n- Acquisition price (12.19 BNB): \u20ac 300<\/span><\/li>\n
- Transmission price (12.19 BNB): \u20ac 2,834.29<\/span><\/li>\n
- Capital gain obtained in the swap: \u20ac 2,534.29<\/span><\/li>\n
- Assuming that this was the only return on the savings tax base in 2021, the tax would be: <\/span><\/li>\n<\/ul>\n
\n\u20ac 2,534.29 x 19% = <\/span>\u20ac481.51<\/span><\/strong><\/p>\n<\/blockquote>\nAs in the case of the swap, the moment we decide to convert our cryptocurrencies to euros we will again find ourselves faced with a capital gain or loss (art 33.1 Personal Income Tax Law), the amount of which will be the difference between the acquisition and transmission value (art 34 Personal Income Tax Law), which must be integrated in the year in which the conversion takes place. The result of the same will form part of the tax base of the personal income tax savings (art. 46. b and 49 Personal Income Tax Law).<\/span><\/p>\nAgain here we will also have the possibility to compensate the losses as mentioned above.<\/span><\/p>\nExample<\/span><\/strong>:<\/span><\/p>\nIn November 2020, you decided to buy \u20ac 300 in BNB. The price at that time is 24.6 euros \/ BNB, constituting a total of 12.19 BNB.<\/span><\/p>\nIn March 2021, you decide to get rid of these BNB to obtain the consolidated equity gain in euros. The BNB price in March 2021 was \u20ac 232.51 \/ BNB, so the total value of your portfolio in BNB is \u20ac 2,834.29.<\/span><\/p>\nThis capital gain must be included in the 2021 personal income tax in the tax base of the savings, as follows:<\/span><\/p>\n\n- Acquisition value: it will be the 300 euros you invested in November 2020.<\/span><\/li>\n
- Transmission value: 2,834.29 euros.<\/span><\/li>\n
- Capital gains: 2,534.29 euros<\/span><\/li>\n
- Assuming that this was the only return on the savings tax base in the fiscal year 2021, the tax would be: <\/span><\/li>\n<\/ul>\n
\n\u20ac 2,534.29 x 19% = <\/span>\u20ac481.51<\/span><\/strong><\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div>