Be crypto tax ready - the deadline is approaching
A step-by guide to handling your crypto taxes with Bitwala. Bitcoin tax made easy!
Crypto tax made easy with Bitwala
Our mission is to make cryptocurrencies accessible, so we want to make sure you feel prepared for trading by ensuring you do legally correct crypto taxation as well.
When using Bitwala as your trading platform, you can easily create a crypto tax report in just a few swipes. All German tax residents can compile a certified tax report. German and Swiss taxpayers will receive country-specific tax reports meeting all legal requirements.
EEA residents can generate a generic tax report from the Bitwala dashboard.
File your crypto taxes:
Log in to Bitwala from the web
Login to your Bitwala account from your desktop.
Go to your settings
Visit your settings and click on "crypto tax" from the Bitwala web app.
Download your CryptoTax PDF file and you're ready to go!
Do I have to pay crypto tax?
Different countries' tax legislation have varied views on what cryptocurrency is. In Switzerland, Bitcoin is considered foreign money.
While in Germany, Bitcoin and other cryptocurrencies are intangible assets and therefore need to be taxed. This makes cryptocurrencies comparable to other valuable assets, such as artwork.
In Germany, up to €600 earned with crypto trading are tax-free. After this threshold, taxation on bitcoin and other currencies begins. Technically, it’s taxed as private income and will be combined with your other sources of income for overall taxation.
What about trading, mining and other events?
While holding on to Bitcoin is fairly easy and you don’t have to do much, it gets more complicated when you start trading.
Other events in the crypto world, such as mining, are also regulated by crypto taxation. Keeping all these rules in mind makes you your own tax accountant. After all, wasn’t crypto invented to be a counter-movement to traditional financial markets?
Thanks to our partner CryptoTaxes.io, you can automate your legal tax report for all your Bitwala trades.