¿Cuál es la forma de lidiar con los impuestos a las criptomonedas?
¿Cómo funciona todo el proceso fiscal?
Sin duda, las criptomonedas y Bitcoin han desviado la atención del público en los últimos años. Los gobiernos están interesados en la cadena de bloques, que es la tecnología fundamental de la esfera. La aplicabilidad en la era de los reguladores escépticos es inestable. Si bien algunas personas apoyan la cadena de bloques, se oponen a las criptomonedas. La mayoría de los gobiernos aceptan cada vez más las criptomonedas y están correctamente posicionados para beneficiarse de los enormes aumentos de precios de los últimos años.
Bitcoin está emergiendo de las cenizas del rechazo y encontrando aceptación en la banca convencional menos de 15 años después de su creación. La criptomoneda más popular en la actualidad tiene una capitalización de mercado de casi $ 2 billones. Otros que se clasifican como activos digitales incluyen ETH, Litecoin, tokens DeFi e incluso NFT.
En la mayoría de los países, las criptomonedas se consideran propiedad
Si bien las criptomonedas interrumpen los procedimientos, lo que incita a los proveedores de remesas a adaptarlas e incluso integrarlas rápidamente, las regulaciones vinculantes de la mayoría de las jurisdicciones siguen siendo confusas. Aparte de El Salvador, que acaba de convertir Bitcoin en moneda de curso legal y lo aceptó para cubrir deudas e impuestos, los países de todo el mundo utilizan diferentes estándares de clasificación.
Las criptomonedas, a menudo conocidas como monedas virtuales, se clasifican como propiedad en países que van desde Japón hasta los Estados Unidos y otras jurisdicciones criptográficas innovadoras. Como resultado, los propietarios de estos activos digitales deben presentar declaraciones de impuestos que indiquen las ganancias de capital que coincidan con los registros de las autoridades fiscales. Independientemente de si el activo digital en cuestión es una empresa de servicios públicos o un contrato de inversión, esto es lo mismo.
Bitcoin is the sole asset that regulators have said is a utility as of October 2021. That is, the token is community-driven, decentralised without a central middleman, and the coin serves a purely utilitarian function, providing no return on investment to its holders. Although Ethereum (ETH) may qualify as a utility, most cryptocurrencies qualify as securities, according to regulators in the United States, based on the SEC’s formal statements.
The Internal Revenue Service’s Cryptocurrency Tax Campaign (IRS)
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.
If you held the virtual currency for one year or less before selling or exchanging the virtual currency, then you will have a short-term capital gain or loss. If you held the virtual currency for more than one year before selling or exchanging it, then you will have a long-term capital gain or loss. The period during which you held the virtual currency (known as the “holding period”) begins on the day after you acquired the virtual currency and ends on the day you sell or exchange the virtual currency.
As a result, it’s critical for cryptocurrency investors and traders to stay on top of things. This entails being up to date on the best crypto tax procedures and staying on the right side of regulators like the SEC.
The Internal Revenue Service (IRS) launched the Virtual Currency Compliance campaign in 2019 to address non-compliance among digital currency users, letting residents and taxpayers know that the agency was up to date on crypto developments and was closely observing how the scene unfolded.
The tax collector, as part of the corporation, sent out thousands of warning letters to customers, requesting that some file updated tax returns to correct a difference with the agency’s records. Some users, mainly traders who earned a fortune during the 2017 ICO craze, were unaware of their tax duties and failed to file returns, according to reports. This was largely owing to the United States’ ambiguous laws on crypto taxes.
Being on the Right Side of the Law and Meeting Your Crypto Tax Obligations
There was Letter 6173, which requested users to answer within a month, and CP 2000, which alerted consumers that their returns didn’t match their records and listed the fault as well as the appropriate interest.
When a user has to take action, they can dispute the total amount owing by providing supporting papers to back up their claim. It can be done manually or with the help of a cryptocurrency tax service. The latter method is more convenient for saving time while maintaining good accuracy.
What Is One of the Ways To Deal With Cryptocurrency Taxes?
Cryptocurrencies are properties in the United States — and most other countries — regardless of the crypto tax instrument used. As a result, knowing the tax implications of trading, dealing, or earning them is crucial. Here are three strategies to deal with bitcoin taxes to be secure and avoid penalties:
Always report any and all types of cryptocurrency transactions.
Because digital assets are securities, a trader may believe that exchanging one for another is tax-free. The IRS, on the other hand, declares unequivocally that these are all taxable events that must be reported annually.
To report cryptocurrency transactions, always use the correct form.
Whether you’re trading crypto, mining it, investing in it, or utilising it as a medium of exchange, each type may require a distinct filing form. As a result, a user must be careful to fill out the relevant IRS form in order to accurately capture the transaction and calculate the applicable tax.
Always keep a record of all cryptocurrency transactions.
It’s crucial, especially given the SEC’s definition of cryptocurrency as a digital asset. Creating and keeping a record of all relevant transactions aids in creating its foundation. As a result, it’s easier to calculate profit or loss, which helps with tax deductions. Although traders can do this manually, it is recommended that they use a professional crypto tax tool service provider to automate the process and keep everything organised.
Summary
Crypto users must give Caesar what is rightfully his. It’s unavoidable, given the severity of the punishments and the length of time spent in prison for violators. As a result, traders and investors must read from the same page as tax officials.
Manual crypto tax reporting is possible, but it is time-consuming and resource-intensive. Active traders, investors, Airdrop receivers, and DeFi lovers, on the other hand, may find it confusing. As a result, employing a trustworthy and global crypto tax tool can save time, money, and, most importantly, improve accuracy to avoid unnecessary discrepancies.
In the case of the European Union, the near future is close to regularization.
What is the MiCA proposal?
The MiCA proposal (markets in crypto-assets) is the name given to the draft European regulation on crypto-assets markets, which aims to regulate this type of markets through a general framework for the entire European Union, since there is currently no common regulation (in many cases, not even state regulation), leaving in the hands of arbitration those cases in which conflicts have arisen between the parties.
Therefore, the MiCA regulation is the EU's response to the development and advance of cryptocurrencies and other types of cryptoassets and the technologies that make them possible, such as blockchain. The MiCA aims to catch up with this digital and financial revolution and provide legal certainty to a market that right now seems to lack it, as different cases of bitcoin scams have highlighted.
What is the objective of the European regulation for the regulation of cryptoassets?
The main objective pursued by the MiCA is the regulation of the cryptoassets market, which are currently not considered within the EU financial legislation as financial assets or electronic money, leaving out the so-called security tokens, which can be considered as a financial instrument (and would be regulated by the MiFID II Directive), and those cryptoassets issued by central banks.
In addition to this objective, the crypto-assets market regulation also aims to:
Crear e implementar un marco regulatorio que brinde seguridad jurídica a todos los participantes de este mercado y ayude a impulsar su desarrollo en la UE.
Fomentar la innovación y el desarrollo de criptoactivos, sin descuidar la protección de inversores y consumidores, promoviendo un uso más generalizado de tecnologías basadas en blockchain.
Garantizar la estabilidad financiera, especialmente a medida que llegan al mercado criptomonedas globales más estables (criptomonedas que, a diferencia de Bitcoin o Ether, tienen un valor basado en una moneda específica).