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Author: Admin | 2025-04-27
- 3.5% Balearics 0.28% - 3.45% Extremadura 0.30% - 3.75% Madrid and Andalusia are the only regions with no wealth tax. No matter where you live, you will be required to submit a wealth tax declaration for information purposes if you have more than €2 million in assets.Can the Agencia Tributaria track my cryptocurrency?It’s important to remember that governments across the world have tools to track your cryptocurrency transactions. In July 2021, the Spanish government published Law. No. 11/2021, which increased reporting requirements for cryptocurrency exchanges like Binance and Coinbase. In addition, DAC8 is set to go into effect across the European Union in 2026. DAC8 is designed to prevent tax evasion, and requires cryptocurrency platforms to disclose information like your personal identity and the value of your transactions to relevant tax authorities.What is the deadline to report my crypto taxes?In Spain, the tax year runs from January 1st to December 31st.You’re required to file your taxes by June 30th of the following year.What accounting method should I use for cryptocurrency?In Spain, the FIFO (first-in first-out) method is used to calculate your cost basis for cryptocurrency. You should use this method if you acquired the same cryptocurrency at different price points. FIFO essentially means that the first coins that you acquire are also the first coins that you dispose of. Example: FIFOMaria buys 1 Bitcoin for €20,000.Later, she buys 1 Bitcoin for €30,000.She sells 1 Bitcoin for €35,000.Maris uses the first Bitcoin she acquired to determine her cost basis.Maria incurs
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