As the world of cryptocurrencies continues to evolve, so do the regulatory aspects, particularly concerning taxation. Bitmymoney provides users with insights and guidelines to simplify the process of declaring Bitcoin and other cryptocurrencies in their tax returns, acknowledging the evolving nature of crypto ownership and ensures users stay informed about the latest tax implications.
Have you acquired Bitcoin for the first time after January 1, 2023? it’s important to note that these holdings will be included in the subsequent year’s tax return. To assist users in determining the value of their cryptocurrency holdings, Bitmymoney suggests specific prices for the value of coins as of January 1, 2023:
- Bitcoin: €15,395
- Ethereum: €1,116
- Gold: €1,694
- Litecoin: €65
Calculating the total value is streamlined—users can multiply the quantity of each coin owned by its respective price on January 1 of the preceding year. Bitmymoney has integrated this calculation seamlessly into its platform, making the process user-friendly and efficient.
Notably, children’s Bitcoin holdings fall under their parents’ assets if the children are under 18 years old. Additionally, the failure to declare Bitcoins may have consequences. Bitmymoney strongly advises consulting with an accountant for proper guidance, especially when resubmitting tax returns for previous years. Reporting all crypto holdings, including bitcoins, is of crucial importance, as failure to do so may result in difficulties explaining assets in the future.
