Get money back on your taxes with Blockpit - plus discounted licences and enter the BEST raffle

Keeping track of what is considered a taxable event is difficult enough without the uncertainties of often-changing legal frameworks and turbulent market conditions. If you trade and invest in cryptocurrencies like Bitcoin, Ethereum, Dogecoin or even one of the Bitpanda Crypto Indices, there can be an added layer of complexity.

In times of scrutiny for the crypto industry, we’ve teamed up with Blockpit to help you navigate these choppy waters by understanding how to save when doing your crypto taxes as well as benefit from important licence discounts and earn free BEST. Read below to learn how!

What you need to know about crypto and taxes

When it comes to investing in crypto and taxes, an important thing to keep in mind is that the regulatory framework for cryptocurrencies varies from country to country. Generally speaking, most countries consider buying and selling crypto, for example by selling your crypto for a fiat currency like EUR or USD, a taxable event, just like any other transaction involving a commodity. To know exactly what applies in your country and in your individual situation, we strongly recommend that you contact your personal tax advisor and read the excellent tax deadlines on the Blockpit website.

Calculating and offsetting your losses

It’s important to generate a tax report to accurately file your tax return and manage any potential losses. Blockpit can help you with:

• Knowing your gains, losses and taxable income ahead of time
  
  
• Automatically benefiting from best-practice, legally compliant evaluation methods
  
  
• Tax optimization within the legal means

As with everything tax based, it’s important to understand your options as they differ depending on the country you’re in. 

In Germany if you sold digital assets at a loss in 2022, and you made gains in 2021 you now have to pay taxes for, you can deduct this year's losses from last year’s gains. You can find more on how to effectively reduce your crypto tax bill and other tax guidance from Blockpit here.

In Austria, you can offset losses with gains from the same tax year and since the 2022 tax reform, you can use stock (and other capital market) profits to offset your crypto losses.

In Spain, you can offset losses with gains from the same tax year. And if losses exceed the amount of gains in the same year, you can finish offsetting them in the following four tax years. And if the amount of your capital losses exceeds the amount of your capital gains, you can continue to offset them with a maximum of 25% of your gains from movable capital. 

Register with Blockpit for discounted licences and our BEST raffle 

A licence from Blockpit will help you keep your house in order and save money on taxes. But if you need more encouragement we’ve got some amazing incentives, too. Sign up to Blockpit via your Bitpanda link between 6 Dec, 2022 at 00:00 CET and 20 Dec, 2022, at 23:59 CET to unlock:

• Discounted Blockpit licences
  The Bitpanda community can benefit from a 25% discount on all paid licences
  
  
• Increased discounts for BEST VIPs
  BEST VIPs can benefit from even larger discounts. VIP Level 5 will get a 90% discount on licences, VIP Level 4 will get 75% discount, and VIP Level 3 can enjoy 50%. Discounts vouchers will be sent by 6 Dec, 2022
  
  
• Enter our BEST raffle
  The opportunity to be one of three lucky winners to receive €1000 worth of BEST if you purchase a Blockpit licence between 6 Dec, 2022 at 00:00 CET and 20 Dec, 2022, at 23:59 CET. Terms and conditions apply
  
  

Blockpit is the easiest way to track your crypto and generate tax reports

With Blockpit, you can monitor your transactions and generate tax reports in just a few clicks. All you need to do is sign up to Blockpit via Bitpanda and then sync your trading account with your Blockpit account via the API import function. Blockpit imports your transaction data and automatically classifies it in accordance with the law, giving you a real-time overview of your tax liabilities. When you’re ready, you can generate a tax report that can be filed along with the rest of your tax documents.

Create an account on Blockpit

Create your Blockpit account following this link on Bitpanda, or by going into the “History” section on your Bitpanda verified account. Happy trading!

Disclaimer
This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets.

This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein.

Investing carries risks. Make sure to conduct your own research before making any investment.