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This guide is brought to you by tax assistant Waltio, and is intended for individuals investing on an occasional basis and does not deal with the taxation applicable to professional traders. The assessment of the quality of occasional or habitual trader depends on the frequency, the tools, the amounts invested and the gains made.
The dates of the tax calendar to remember
The first important thing to know to declare your cryptocurrencies in time and not to suffer penalties, it is the date.
Tax filing deadlines vary depending on where you live. If the online declaration service opens for everyone on April 7, 2022, the deadlines vary according to the departments.
Here are the dates of the 2022 fiscal calendar :
- April 7, 2022 : opening of the online declaration service, on the impots.gouv.fr website;
- May 19, 2022 : deadline for filing the tax return, in paper format;
- May 25, 2022 : deadline for online income declaration in zone 1 (departments 01 to 19 and foreign residents);
- May 31st : deadline for online income declaration in zone 2 (departments 20 to 54);
- June 7, 2022 : deadline for online income declaration in zone 3 (department 55 to 976).
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What are your tax obligations?
You have two essential tax obligations.
- an obligation to declare your taxable transactions (= sale of a crypto for a legal tender currency or purchase of a good/service) as well as your taxable capital gains or losses made on digital assets. This obligation is carried out via form n°2086;
- an obligation to report your digital asset accounts held, closed or opened abroad during the year 2021. This obligation is carried out via form n°3916-BIS. Note that you do not need to enter the amounts held in your accounts.
👉 Discover our complete guide to declaring your capital gains in cryptocurrencies
What are the risks in the event of non-declaration?
A lack of omission or a declaration error can have significant consequences whether at the tax or even criminal level.
The tax consequences
In case of omission or inaccuracy in your declaration, your taxes may be increased by 10%. However, the increase goes up to 80% of the sums due when the tax authorities provide proof that you have committed intentional fraud.
The penal consequences
If you are sanctioned for tax evasion, you risk a fine of up to 3 million euros and 7 years in prison.
We can only recommend that you carefully keep all of the history of your transactions in order to monitor your accounts.
What income and operations should you take into account?
The calculation of capital gains realized on digital assets is complex and time-consuming, it requires knowing precisely the total value of your portfolio (all the sums of all your accounts) at the time you make a sale.
Cryptocurrencies obtained through tools such as play-to-earn, staking or lending are also to be taken into account and included in the total value of your portfolio.
You will have understood it, there is enough to tear your hair out or be desperate in front of the extent of the work…
Do not panic, the tax declaration assistance tool Waltio allows you, whatever your profile, to take into account all of your operations by connecting your accounts by API and by supporting more than 100 platforms and complex operations. Waltio will provide you tax documents to fulfill your tax obligations.
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