Bitcoin taxation: what does the tax office actually say?

In principle, cryptocurrencies like Bitcoin are not real currency. Accordingly, you do not need to treat them as such. However, you still need to report profits to the tax office, just like when you trade in artwork or real estate.

When do you have to pay taxes on your Bitcoins?

Trading Bitcoins works differently than trading real estate or artwork, but tax-wise you have no real advantage. You can take up to 600 euros profit tax-free within a year, above that normal taxes apply. You can make profits with a bit of luck - many years ago a Bitcoin cost 8 dollars, in the meantime it was over 15,000 dollars. No matter what the exchange rate is, you may have to hand over part of your profit.

Indicate Bitcoins in tax return

For the possible taxation of Bitcoins, you need to know the following:

1. If you have made under 600 euros profit with the cryptocurrency, you do not have to do anything. This amount is the exemption limit.
2. In the same way, you can also keep the profit tax-free if you sell the Bitcoins again only after more than one year.
3. Unlike the purchase and sale of shares, you do not have to pay tax on the profit from Bitcoins under the final withholding tax, but can declare it under the item "Other income (SO)" of the tax return.
4. If you have lost money in Bitcoin trading, you may be able to offset the loss with profits from other speculations and thus save money.
5. In Bitcoin mining, on the other hand, you must tax any profit like a normal profit of a business.