📝 Description
By correctly labelling your withdrawal transactions, you can justify your cryptocurrency flows to the tax authorities and ensure they are properly taken into account when calculating capital gains.
The choice of label influences the calculation of your capital gains or losses. Labelled non-taxable transactions will not be taken into account when calculating your capital gains. Do not use labels if you are not sure of their impact.
{% hint style="warning" %} Every withdrawal transaction must be labelled, otherwise the calculation result will be approximate. {% endhint %}
📂 Withdrawal labels
Label | FIFO impact / Acquisition price | Taxable? | Crypto stock impact | Use case |
Payment | AP: Initial price | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
Fees | AP: Initial price | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
Staking deposit | AP: Initial purchase price of the crypto put into staking | ❌ No FIFO impact | ❌ | ⏸ No |
Transfer between accounts | AP: Initial purchase price of the transferred crypto | ❌ No FIFO impact | ❌ | ⏸ No |
Derivatives loss | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease | CFD value EUR 10,000 acquired at EUR 10,000. Loss of EUR 8,000 CFD. ▶️ CFD exits FIFO for EUR 8,000. ▶️ Deductible base: EUR 8,000 (capital losses) |
Donation | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease | I buy 1 BTC for EUR 20,000. I donate 1 BTC (at that time: 1 BTC = EUR 30,000). ▶️ 1 BTC exits FIFO for EUR 20,000. ▶️ Taxable base: EUR 10,000 |
Hack or Loss | ✅ FIFO neutralization | ✅ General taxable base (Non-transfer income) | ⏬ Decrease | I buy 1 BTC for EUR 20,000. Hack 1 BTC (value at that time: EUR 30,000). ▶️ Deductible base: EUR 30,000. ▶️ BTC exits FIFO for EUR 20,000. ⚠️ Hack/loss must be proven with solid evidence to the authorities: otherwise, tax fraud |
Liquidity addition (LP) | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease | I buy 1 ETH for EUR 1,000. ETH increases in value: 1 ETH = EUR 1,500: deposit in LP. ▶️ AP: EUR 1,000. ▶️ Taxable base: EUR 500 (capital gain) |
Collateral deposit | AP: Initial purchase price of the crypto put as collateral | ❌ No FIFO impact | ❌ | ⏸ No |
Other withdrawal | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease | ⚠️ Should not exist: everything must be labelled |
ICO Participation | AP: Initial price of the crypto used for the ICO | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
Other loss | ✅ FIFO neutralization | ✅ General taxable base (Non-transfer income) | ⏬ Decrease | I buy 1 ETH for EUR 1,000. I lose my ETH (value at the time of loss = EUR 3,000). ▶️ ETH exits FIFO for EUR 1,000. ▶️ Deductible base: EUR 3,000 |
NFT | AP: Initial price of the crypto used to buy an NFT | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
Swap | AP: Initial price of the crypto used for the swap | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
Collateral liquidation | AP: Initial price of the crypto put as collateral | ✅ FIFO neutralization | ✅ Taxable base reduction (Transfer income) | ⏬ Decrease |
💡 Additional information
If you use the "Transfer between accounts" label, you must add it to the withdrawal and the deposit. Example: you send 1 ETH from your Binance account to your Coinbase account. You have a withdrawal on Binance and a deposit on Coinbase: both transactions must be labelled "transfer between accounts".
To label your transactions, go to My transactions.
For more information on Spanish cryptocurrency taxation, see the dedicated article in your Help Center.
To understand the LIFO and FIFO calculation methods, see the article Calculation methods.