2022 guide to the tax return on cryptocurrencies

This article was written in collaboration with Waltio (Learn more)

This guide was offered to you by tax assistant Waltio e it is intended for people who invest on an occasional basis and does not deal with the taxation applicable to professional operators. The evaluation of the quality of an occasional or habitual trader depends on the frequency, the instruments, the amounts invested and the earnings made.

The dates of the fiscal calendar to remember

The first important thing to know to declare your cryptocurrencies on time and not suffer penalties, is the date.

The deadlines for tax returns vary depending on where you live. If the online declaration service opens for everyone on April 7, 2022, the deadlines vary by department.

Here are the dates of the 2022 fiscal calendar :

  • April 7, 2022 : opening of the online declaration service, on the impots.gouv.fr website;
  • May 19, 2022 : deadline for submitting the tax return, in paper format;
  • May 25, 2022 : deadline for online tax return in zone 1 (departments 01 to 19 and foreign residents);
  • May 31 : deadline for online tax return in zone 2 (departments 20 to 54);
  • June 7, 2022 : deadline for online tax return in zone 3 (department 55 to 976).

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What are your tax obligations?

You have two essential tax obligations.

  • the obligation to declare your taxable transactions (= sale of a cryptocurrency for a fiat currency or purchase of a good / service) as well as your taxable capital gains or losses realized on digital assets. This obligation is carried out through form no. 2086;
  • the obligation to report your digital asset accounts held, closed or opened abroad during the year 2021. This obligation is fulfilled through form 3916-BIS. Note that it is not necessary to enter the amounts withheld in your accounts.

👉 Check out our complete guide to reporting your cryptocurrency capital gains

What are the risks in case of non-declaration?

A non-omission or an error of declaration can have significant consequences both at a tax and criminal level.

The tax consequences

In the event of an omission or inaccuracy in your statement, your taxes may have increased by 10%. However, the increase goes up to 80% of the amounts owed when the taxman provides proof that you have committed intentional fraud.

The criminal consequences

If you are sanctioned for tax evasion, you risk a fine of up to 3 million euros and 7 years of imprisonment.

We can only advise you to carefully store all history of your transactions to monitor your accounts.

What income and operations should you consider?

The calculation of the realized capital gains on digital assets is complex and time-consuming, requires knowing precisely the total value of your portfolio (all sums of all your accounts) at the time you make a sale.

Cryptocurrencies obtained through tools such as play-to-earn, staking or lending must also be taken into account and included in the total value of your wallet.

You will have understood, there is enough to pull your hair out or despair in the face of the scale of the work …

Don’t panic, the tax return assistance tool Waltio allows you, whatever your profile, to take into account all your trades by linking your accounts via API and supporting more than 100 platforms and complex operations. Waltio will provide you tax documents to fulfill your tax obligations.

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About the author: Clement Wardzala

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Chief Editor of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the industry becomes more democratic for all.
All articles by Clément Wardzala.

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