NOVADAX TIPS: HOW TO DECLARE BITCOIN ON INCOME TAX

Article from NovaDAX
Source: DICAS NOVADAX: COMO DECLARAR BITCOIN NO IMPOSTO DE RENDA

Every criptocurrency investor needs to know how to declare Bitcoin and other digital currencies in the Income Tax. Although it is not a regulated currency, it is still an asset that needs to be informed to the IRS.

In addition, because there is no official quote for crypto coins, it is necessary to prove the values of the transactions with the documentation. If you have questions about how to declare Bitcoin in Income Tax, take a look at the tips NovaDAX has prepared!

Do I have to pay Crypto Currency tax?

Before even knowing how to declare Bitcoin and other criptomoedas in the Income Tax, it is necessary to pay taxes of the type Darf on the income, monthly. If there is a capital gain of Cryptocurrency with a value above R $ 35,000, the declaration must be made within one month after the date of the transaction.

If you have missed the deadline, you can collect the tax later. However, there will be a fine with corrections made by the Selic, which regulates the basic interest rate. It is important that this situation is regularized before making the annual declaration, as this can cause problems with the Internal Revenue Service.

The percentage that must be paid by the taxpayer varies according to your total income. In profits that do not exceed R $ 5 million, the tax is 15%. Between R $ 5 million and R $ 10 million, 17.5%. Up to R $ 30 million are 20% and, exceeding this amount, are 22.5%.

How to declare Bitcoin in income tax?

If the earnings do not exceed the amount of R $ 35 thousand, there will be exemption from tax. Anyway, the statement should be made. Once you have regularized the monthly situation of your movements, just understand how to declare Bitcoin and other cryptocurrencies in the Income Tax.

To do this, you need to verify all the transactions statements made, as the purchase and sale value will be declared. Always keep the documents that prove these operations. If you are missing a voucher, you can contact your exchange and ask for a copy.

Cryptocurrencies should be declared as Assets and Rights, using modality 99 - Other assets and rights. In the case of discrimination, please state the amount of cyptocurrencies you own, the amount in reais at the time of purchase or sale, the exchange you used for this transaction, and the company's CNPJ.