If you do not know what the virtual currency’s actual purchase price or purchase date is, capital gain is calculated according to the deemed acquisition cost.
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When calculating the amount of profit or loss, deduct the following from the selling price of the virtual currency: When exchanging a virtual currency into euros, dollars or another virtual currency, you generate either a capital gain or a capital loss.
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How to calculate capital gain or capital loss Read more about the pre-completed tax return.Report earned income received from mining on Form 50A (Earned income and deductions).Report capital gains on Form 9 (Capital gain or capital loss).If you submit the information on paper, make sure you use the correct form: These expenses include the costs arising from the increased use of electricity and the acquisition cost, either fully or in part, of any equipment used for mining. Enter the expenses related to mining under Deductions - Expenses for the production of income -Įxpenses for the production of other income than wage income.Report the income received from mining in the Other income section.How to report gains and losses from virtual currencies in MyTax.Select Virtual currencies as the property type and fill in the required information. Report the profits and losses arising from exchanging or spending virtual currency under Capital income – Capital gains in MyTax.File income and expenses on the tax returnĮxchanging and spending virtual currencies You can check the value at a well-known cryptocurrency exchange. The value of a virtual currency is the exchange rate in euros that the virtual currency has at the time when it is spent or mined. Income from the mining of virtual currency is usually taxed as earned income. You pay for goods or services with virtual currency. You exchange virtual currency for another virtual currency
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You exchange virtual currency for euros or for some other official currency Income received from spending and exchanging virtual currencies is taxed as capital gain, which is considered capital income. Virtual currencies include ethereum, tether, litecoin and bitcoin. You can file the expenses on your tax return as deductions. File the income you have received from virtual currencies or cryptocurrencies on your tax return. Income received from the use and mining of virtual currencies is subject to tax.