Correctly declare assets in cryptocurrencies in the tax return

Cryptocurrencies are taxable as assets and must be correctly declared in the tax return to avoid legal issues.

2022

Correctly declare assets in cryptocurrencies in the tax return

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Holding cryptocurrencies is meanwhile widespread. Cryptocurrencies are also considered assets for tax purposes, which is why it is important to declare them correctly in the tax return. Not declaring or misdeclaring can have negative consequences.

Wealth Tax

Balances in cryptocurrencies are subject to wealth tax. These positions should be declared in the securities directory as "other assets" indicating the name of the cryptocurrency. A printout of the wallet at the end of the year suffices as proof. If the balance of a cryptocurrency can no longer be displayed retroactively on the respective portal, a printout of the current status should be made on December 31st each year.

Valuation

For common cryptocurrencies such as Bitcoin, the Federal Tax Administration publishes the exchange rate to be used at the end of the year. Other cryptocurrencies must be declared at the year-end exchange rate of the most common exchange platform for that currency.

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