Dienstag, 05.11.2024
Taxation of cryptocurrencies
What rules apply to trade and ownership?
from
Lucas BellLawyer
Specialist tax lawyer
Give me a call: 0261 - 404 99 761
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With the growing importance of cryptocurrencies, more and more investors are faced with the challenge of correctly complying with tax regulations.
In particular, the taxation of capital gains is a key issue that is surrounded by a great deal of uncertainty.
Important points regarding the taxation of cryptocurrencies:
- Tax liability on sale: Sales or exchanges of cryptocurrencies are taxable within one year of purchase.
- FIFO method for simplification: The first-in, first-out method can be used to determine the holding periods. This assumes that the coins acquired first are also sold first.
- Mining and staking: Income from mining and staking cryptocurrencies is also considered taxable income.
- Tax risks: Failure to declare taxable capital gains can have tax and criminal consequences.
- Timely calculation: Tax offices require a calculation that is accurate to the day, which can be particularly complex if you have multiple wallets.
Our team of experts is available to provide you with detailed advice and support on the tax treatment of cryptocurrencies.
The statements represent initial information that was current for the law applicable in Germany at the time of initial publication. The legal situation may have changed since then. Furthermore, the information provided cannot replace individual advice on a specific matter. Please contact us for this purpose.