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Capital losses

I did not make any capital gains in 2023. Do I have to declare?

Updated over a week ago

Hi there πŸ‘‹

You may wonder if it is necessary to add all your transactions on Waltio, including those that made you lose money? Answer in this article...

And yes, capital losses are to be taken into account!

It is important to know that you are taxed on the total sum of your capital gains and losses realized during the year preceding your return. Thus, it is important to take them into account to have a fair taxable amount. Don't forget them!

πŸ’‘ Capital losses do not give rise to a tax deduction with respect to taxation on cryptocurrencies. Thus, this realized capital loss will not be able to reduce a future capital gain in the context of taxation.

πŸ’‘ If you only realized a capital loss over the tax year, you must still report it. However, you will not have to pay anything because by definition, if you have realized a capital loss then you have not realized a capital gain. According to the regime of capital gains in digital assets, it is necessary to declare the capital losses. The obligation to declare occurs from the first taxable transfer. However, in case of capital losses, no tax is due.

If you have any other questions, please feel free to contact us via the Chatbot just below right on your screen! πŸ’¬

The Waltio team

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