There is nothing certain but death and taxes. Benjamin Franklin who coined this quip did not own crypto assets and couldn’t know that every crypto sale is different. Some are taxable and some are not. Did you own it for longer than a year? Some jurisdictions allow reduced tax rates for long-term holders or even tax-free gains.
You can use this to your advantage. You made a deal by last year by selling Polkadot, but your Shiba Inu is a huge loss. If you are taxable in Germany, you can get rid of the dog coin and offset these losses with the gains from Polka.
The tax rule is fair. You incur taxes with gains, but you can reduce them with losses. What sounds pretty simple in theory can be quite cumbersome in practice. You’d need to remember all your trades, calculate the holding period, the taxable gains, and the offsetting losses. We tried and found it impossible.
Based on this experience, we built the Tax Optimization feature for our crypto tax calculator. The feature shows on a single, simple page how you can optimize your crypto taxes. You will find it as the last menu item in our crypto tax tool.
Optimize taxes in Austria
In Austria, you can offset losses with gains from the same tax year. Since the 2022 tax reform, it is possible to apply stock gains and other capital market gains to offset your crypto losses. Read more about this in our detailed guide: Crypto Tax Austria
Optimize taxes in Germany
If you sold digital assets at a loss in Germany in 2022 and made gains in the previous year 2021, for which you would now have to pay taxes, you can deduct this year's losses from last year's gains. Read more about this in our detailed Tax Guide for Germany.
Optimize taxes in Spain
In Spain, you can offset losses with gains from the same tax year. So if losses exceed the amount of gains in the same year, you can finish offsetting them in the following four tax years. If the amount of your capital losses exceeds the amount of your capital gains, you can continue to offset them with a maximum of 25% of your gains from movable capital.
Optimize taxes in France
In France, you can set off the losses with the gains of the same fiscal year and only with the gains from assets of the same nature (digital assets in our case).
How to get a 25% discount on your tax report and win 1000€ in BEST
Let’s play through both scenarios for a second. Let’s start with all those who don’t use Blockpit yet:
You do not have a Blockpit account yet:
- Sign in on Bitpanda Mobile-App: Go to “Profile” → “History” → “Export” → “Register on Blockpit” (see screenshot below) Web-App: click on the panda → “History” → “Tax report from Blockpit” (see screenshot below)
- Register for free at Blockpit Use the procedure explained in step 1. Otherwise, we cannot ensure that you have registered with Blockpit via Bitpanda.
- Activate your Blockpit account and import your Bitpanda transactions Here are instructions on how to get your Bitpanda API key so that your transaction history appears in Blockpit with one click.
Exclusively for Bitpanda users
- 25% discount on ALL licenses*
- Win 1000€ in BEST**
- BEST VIP Level 3-5 get up to 90% discount***
*applies to users who have registered at Blockpit via the Bitpanda link. As well as for qualified purchases during the campaign - also for Bitpanda user registrations before the campaign. From 20.12.2022 23:59 the discount campaign ends and Bitpanda users who registered via campaign link at Blockpit will get a 10% discount on a license of their choice.
** Among all users who registered via Bitpanda link with a valid UUID and purchased a Blockpit license during the campaign period from 6.12.2022 to 20.12.2022, 3 winners (who reside in DE, AT, CH, FR or ES) will be selected.
***BEST level 3 receives 50% discount on a Blockpit license. BEST level 4 receives 75% discount and BEST level 5 receives 90% discount. The discounts on the Blockpit licenses are distributed by Bitpanda to its users.
You can find the full terms and conditions of this promotion here.
Do you already have a Blockpit account because you participated in a previous Bitpanda campaign?
Don't worry, you will still receive free tax reports for your Bitpanda depot.
All Bitpanda users who register with Blockpit via the Bitpanda link from the start of the new campaign (6.12.2022) will receive all partner benefits but no free tax reports for their Bitpanda depot.
Do you also use other exchanges and blockchains? No problem!
Of course, you can also connect all your other exchanges and wallets with Blockpit. Our portfolio tracking maps all transactions in the crypto universe.
Don't forget to generate your tax report. If you buy a license during the campaign period (6.12. - 20.12.2022), you will automatically receive a 25% discount and have the chance to win 1000€ in BEST. Why wait? Optimize your taxes using Blockpit. The Unrealized Gains Feature is unlocked for you from the Basic license.