FAQ: frequently asked questions for crypto personal income tax for Spanish investors

We compiled the 20 most frequently asked questions from Spanish crypto investors about their tax obligation. Direct answers based on current regulations.

1. Do I have to declare if I only converted between cryptocurrencies (BTC to ETH)?

Yes. Any exchange of one cryptocurrency for another is a transfer of the asset sold → capital gain or loss.

2. What if I bought crypto and haven't sold anything yet?

There is no obligation to declare latent capital gains. You only declare when you sell or exchange.

3. Do I have to declare transfers between my own wallets?

No. Moving crypto from your wallet A to your wallet B (which is also yours) is not a taxable event. But keep records to justify the origin.

4. How do I calculate the profit if I bought on multiple dates?

Apply FIFO (First In, First Out): The first tokens you purchased are the first ones considered sold.

5. What if I don't have records of my old purchases (Bitcoin in 2015)?

This is a serious problem. Options:

• Search email files, bank statements, exchanges where you purchased.
• If there are no records, advisors recommend using an acquisition cost of 0 (which maximizes the declared profit, but is conservative and avoids major problems).
• Do not invent a price: if the Treasury questions it and you cannot justify it, the penalty may be greater.

6. Should I declare if I lost money?

You are not obligated if the loss is less than €500 and you have no other compelling circumstances. But it is advisable to declare losses: you can offset them with profits from the following 4 years.

7. Where are staking interests declared?

As a return on movable capital based on savings. They are declared in the year in which you receive them.

8. Do I have to declare Model 721 if I use Ledger (hardware wallet)?

Yes. If the total value of your self-managed cryptocurrencies exceeds €50,000, you must declare on Form 721, regardless of whether you use hardware wallet, software wallet or paper wallet.

9. What if I bought on Binance (Cayman Islands)?

Binance operates in various jurisdictions. If you have more than €50,000 on Binance, you must declare on Form 721 (since Binance Global is not a Spanish exchange). Binance Spain (licensed) may be in a gray area, but caution recommends declaring it.

10. How do I declare an airdrop?

As capital gain on a general personal income tax basis. Value = market price at the time of receiving the tokens. If the token does not have a price yet (newly launched or without a market), many advisors recommend €0 initially and tax when selling.

11. Do crypto losses offset stock gains?

Yes. Capital losses from cryptocurrencies (savings base) can be offset against capital gains from stocks, funds or other assets from the same year or the following 4 years.

12. Can I deduct gas commissions?

Yes. Gas commissions are part of the cost of the operation:

• Gas paid when purchasing → increases the acquisition cost.
• Gas paid when selling → reduces the transmission price.
• Gas paid when swapping → part of the cost of the operation.

13. When is the obligation to declare crypto prescribed?

It prescribes 4 years from the expiration of the filing period. Therefore, if you did not declare profits from 2020, they can inspect you until June 2025. If you did not declare 2021, until June 2026.

14. What happens if the Treasury sends me a letter about crypto?

Don't panic. Treasury notifications about crypto can be:

• Information request: You have to respond with the requested data.
• Settlement proposal: If they believe you owe more → you can file allegations.
• Sanction: If there is already a firm settlement → pay or appeal.
  In any case, hire a tax advisor specialized in crypto.

15. Is inherited Bitcoin taxed?

Yes, but the heir has the asset valued at the market price at the time of death (market value on the date of inheritance). If you then sell, the profit is calculated from that updated value. The deceased (deceased) has no tax gain on the accumulated capital gain (it is the "decedent's capital gain").

16. Are NFTs taxed the same as cryptocurrencies?

Yes, they follow the same capital gains/losses regime. But the NFTs created by the artist and sold for the first time are returns from economic activities.

17. Do cryptocurrencies have to be declared in the Wealth Tax?

Yes. Cryptocurrencies are included in the tax base of the Wealth Tax. It only applies if your total net worth exceeds the exempt minimum (€700,000 in most CCAA, although it varies).

18. Can I use Koinly to declare?

Koinly is a useful tool to calculate the FIFO and generate the report, but the Koinly report must be manually transferred to the Income Tax return (WEB Income). Koinly does not file for you.

19. Are crypto payments received for services taxed differently?

Yes. If you receive crypto as payment for your professional services (you work as a developer/advisor and get paid in ETH): that is performance of economic activity, not capital gain. The marginal personal income tax rate applies.

20. Do I have to declare if I am a minor or have no income?

If you have crypto earnings (even if you don't have a job), and they exceed the reporting thresholds, you must declare. Minors also have an obligation if they are personal income tax taxpayers.

Updated: April 2026 | Fiscal year: 2025