Crypto exchanges make it fairly simple to trade all sorts of crypto tokens and coins. In its rawest and most decentralized form, cryptocurrency is relatively unfriendly to obtain and use. While governments have increased their efforts to regulate crypto markets, scans continue to plague crypto investors, and it's more important than ever to find a trusted platform for buying and selling crypto.Ĭrypto exchanges are where most crypto traders buy and sell bitcoin, ether, dogecoin and other types of cryptocurrency. Our tax consulting team will be happy to advise you.Despite price crashes in the first half of 2022, buying and selling cryptocurrency continues to steam forward as the "crypto winter" shows signs of thawing. Do you need support in declaring your cryptocurrency?ĭo you own cryptocurrency but are unsure about the declaration? Then get in touch with us. It is, therefore, even conceivable that a deduction of more than 25 percent could be feasible for your crypto assets. However, as listed above, cryptocurrency has massively more restrictions and pitfalls than WIR money. That is why an allowance of around 25 percent is usually made in the tax declaration. Even WIR money cannot be used as a means of payment without exception. How should the value of your digital assets be calculated in concrete terms? A comparison could be made with WIR money. Our recommendation for the declaration of cryptocurrency in the tax declaration According to the Federal Supreme Court, a tax value below the effectively realizable market value is constitutionally tenable within certain limits. These must take into account the necessary schematization and the inevitable uncertainty of the valuation. In this regard, federal court rulings state that it is permissible to assess the tax value based on conservative estimates. The calculated value with the year-end price can sometimes deviate significantly (downwards or upwards) from the effective value due to the volatile crypto price. These points also make handling the tax declaration complex and complicated. The currency is exclusively digital - if you lose or forget your password, the asset is gone.For example, you cannot use cryptocurrency to pay for your weekly groceries at the supermarket. The digital assets can only be used as a means of payment to a very limited extent.You can only sell your digital assets in minimal quantities there is a transaction maximum on exchanges.
The prices are subject to extreme fluctuations.In our opinion, the value of your coins should not be calculated exclusively with the year-end price because it is not a physical currency: The pitfalls of cryptocurrency and the implications for tax declaration The cantonal tax authorities use them as a recommendation for the assessment. The year-end rates are calculated at the end of each year at an average value of various trading platforms and prices. Year-end rates for cryptocurrencies as of in CHF For this purpose, the Federal Tax Administration (FTA) has also published the year-end exchange rates for the most common cryptocurrencies in the exchange rate list for foreign currency. We show you what you need to consider when declaring your cryptocurrency in the 2021 tax declaration.ĭo you own cryptocurrency? Then you must declare your digital "coins" as taxable assets in your tax declaration.
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