Correctly labeling your withdrawal transactions allows you to justify cryptocurrency outflows to the tax authorities and ensure they are properly taken into account in the calculation of capital gains.

The choice of label impacts the calculation of your capital gains or losses. Labeled and non-taxable transactions will not be taken into account in the calculation of your capital gains. Do not use labels if you are not sure of their different impacts.

👉 These tax labels are only applicable if you use the calculation method that includes crypto/crypto operations for tax purposes. If you use the crypto/fiat method, consult this article.

Here is an explanatory table of the withdrawal labels available for Belgian users (crypto/crypto method) and their tax consequences:

1️⃣ Payment: You make a purchase in cryptocurrency (goods, services...) or you sell cryptocurrencies for other cryptocurrencies. On the withdrawal transaction, you apply the "Payment" label. This withdrawal will decrease the quantity of your cryptos in stock and will be a taxable operation (miscellaneous income, capital gain taxable at 33%).

2️⃣ Staking: You deposit ETH for staking on a platform. On the withdrawal transaction, you apply the "Staking deposit" label. This withdrawal will not decrease the quantity of your cryptos in stock and the operation will not be taxable.

⚠️ Transfer between accounts: If you use the "Transfer between account" label, it must be added to both the withdrawal AND the deposit. Example: You send 1 ETH from your Binance account to your Coinbase account. You therefore have a withdrawal from Binance and a deposit to Coinbase: both transactions must be labeled as "transfer between account".