In Spain, cryptocurrencies are considered capital assets for tax purposes. This means that the profits obtained from their purchase and sale are subject to Personal Income Tax (IRPF). Here are some key aspects:
- Capital gains: When you sell cryptocurrencies, if you have made a profit (that is, if you sold them at a higher price than you bought them for), you must declare that profit. Capital gains are included in the taxable base of savings.
- Tax brackets: Capital gains are taxed according to a progressive scale:
- Up to 6,000 euros: 19%
- From 6,001 to 50,000 euros: 21%
- More than 50,000 euros: 23%
- Capital losses: If you sell cryptocurrencies and suffer losses, you can offset them with profits obtained in other operations. If your losses exceed your profits, you can offset up to 25% of the losses in future years.
- Declaration: Cryptocurrencies must be declared in the annual income tax return, and foreign balances and accounts must also be reported if they exceed 50,000 euros.
- Wealth tax: If the total value of your cryptocurrencies, together with other assets and rights, exceeds the limit established for Wealth Tax, you will also have to declare it.
- Mining and staking operations: If you earn income through cryptocurrency mining or staking, that income is considered income from work and is taxed according to the general income tax scale.
It is important to note that legislation can change, and it is always advisable to consult a tax advisor to obtain updated information specific to your situation.