2022 Guide to Cryptocurrency Tax Reporting

Guide 2022 de la déclaration fiscale des cryptomonnaies

This article is written in collaboration with Valtio (Found more)

This guide was brought to you by a tax assistant ValtioAnd Intended for individuals who make occasional investments And not related to the tax applicable to professional traders. Evaluating the quality of an intermittent or habitual trader depends on the frequency, the equipment, the amount invested, and the gains achieved.

Dates on the tax calendar to remember

The first important thing to know is to declare your cryptocurrencies on time and avoid incurring penalties, That’s it.

The tax filing time period varies depending on where you live. When the online declaration service opens to the public on April 7, 2022, the deadline will vary by department.

Here are the dates for the 2022 financial calendar :

  • April 7, 2022 : Opens an online declaration service on the website impots.gouv.fr ;
  • May 19, 2022 : Time limit for filing tax returns, in paper format;
  • May 25, 2022 : Time limit for online income declaration in Zone 1 (Sections 01 to 19 and Foreigners);
  • May 31 : Time limit for online income declaration in Zones 2 (Departments 20 to 54);
  • June 7, 2022 : Zone 3 (Department 55 to 976) Time limit for online income declaration.

Find out Our complete Valtio Tax Wizard tutorial

What are your tax liabilities?

You have two basic tax liabilities.

  • Liability for declaring your taxable transactions (= Sale of a crypto for legal tender currency or purchase of a good / service) as well as your taxable capital gains or losses on digital assets. This obligation is fulfilled by Form n ° 2086;
  • Liability for reporting your digital asset accounts Holds, closes or opens overseas in 2021. This obligation is enforced through Form ° 3916-BIS. Note that you do not have to pay the amount kept in your accounts.
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Find out Our complete guide to declaring your capital gains in cryptocurrencies

What are the risks of not declaring?

Lack of exemption or declaration error can have significant consequences, both at the tax and criminal level.

Tax Consequences

If your statement is flawed or inaccurate, Your taxes may increase by 10%. However, when the tax authorities prove that you have deliberately committed fraud, the increase increases to 80% of the amount due.

Penal consequences

If you get permission for tax evasion, you could face a fine of up to 3 million and up to 7 years in prison.

We can only recommend keeping everything carefully History of your transactions to track your accounts.

What income and activities should you consider?

Calculation of capital gains on digital assets Complex and time consuming, You need to know the total value of your portfolio (all amounts of all your accounts) when making a sale.

Cryptocurrencies acquired through tools such as play-to-earn, stacking or lending should also be taken into account and included in the total value of your portfolio.

You know it, you just have to cut your hair or get frustrated before the scope of work …

Do not panic, Tax Declaration Assistance Tool Valtio Whatever your profile, connecting your accounts through the API and supporting over 100 platforms and complex operations allows you to account for all your activity. Valtio will give you Tax documents to meet your tax liabilities.

Find out more Valtio’s white paper To know all about the platform

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