mothajoe
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Having cryptocurrencies is not illegal. Not declaring them when necessary, however, can be.
Be careful…
📌 1. Do I have to declare just for having bought cryptocurrencies? No. If you simply buy and hold cryptocurrencies, you do not have to declare them in your Income Tax Return (IRPEF) until you sell them or exchange them for another crypto, euros, or another asset. But you need to consider: If you use Binance or another foreign exchange and your wallet exceeds €50,000, you may be required to submit Model 721 (mandatory from 2024).
💰 2. When do I have to declare in the income tax return? You must declare when you make gains, for example: You sell cryptocurrencies for euros. You exchange one crypto for another (this also counts as a transaction with a gain or loss). You use cryptocurrencies to pay for goods or services. These operations generate a capital gain or loss that you must reflect in your income tax return. 📊 Gains are taxed according to the following IRPEF brackets (2024): Up to €6,000 → 19% From €6,000 to €50,000 → 21% From €50,000 to €200,000 → 23% Over €200,000 → 27%-28%.
📌 1. Do I have to declare just for having bought cryptocurrencies? No. If you simply buy and hold cryptocurrencies, you do not have to declare them in your Income Tax Return (IRPEF) until you sell them or exchange them for another crypto, euros, or another asset. But you need to consider: If you use Binance or another foreign exchange and your wallet exceeds €50,000, you may be required to submit Model 721 (mandatory from 2024).
💰 2. When do I have to declare in the income tax return? You must declare when you make gains, for example: You sell cryptocurrencies for euros. You exchange one crypto for another (this also counts as a transaction with a gain or loss). You use cryptocurrencies to pay for goods or services. These operations generate a capital gain or loss that you must reflect in your income tax return. 📊 Gains are taxed according to the following IRPEF brackets (2024): Up to €6,000 → 19% From €6,000 to €50,000 → 21% From €50,000 to €200,000 → 23% Over €200,000 → 27%-28%.
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