How to Report Airdrop Income in Spain: Complete Tax Guide 2024

Understanding Airdrop Taxation in Spain

Cryptocurrency airdrops – free token distributions to wallet holders – have become popular in Spain’s digital asset landscape. But many recipients overlook a critical fact: The Spanish Tax Agency (Agencia Tributaria) treats most airdrops as taxable income. Failure to properly declare this income can lead to penalties, interest charges, and audits. This guide explains Spain’s airdrop tax rules, calculation methods, and step-by-step reporting procedures to keep you compliant.

What Qualifies as Taxable Airdrop Income in Spain?

According to Spanish tax law, airdrops are generally considered “income from movable capital” (rendimientos del capital mobiliario) when:

• Tokens are received without providing services or payments (pure distribution)
• You actively claim or interact with a smart contract to receive them
• The tokens have immediate market value upon receipt

Exceptions include tokens received during blockchain forks or non-tradable utility tokens with no market value. Always document airdrop details including dates, token quantities, and wallet addresses.

Step-by-Step Guide to Reporting Airdrop Income

Step 1: Determine Market Value at Receipt
Calculate the euro value of tokens when they arrived in your wallet using:

• Exchange rates from reputable platforms (CoinMarketCap, Binance)
• Date and time of transaction confirmation

Step 2: Classify Under Correct Tax Category
Report under Box 2 (Rendimientos del capital mobiliario) of Form 100 for Income Tax (IRPF).

Step 3: Complete Modelo 100 Accurately
Include total airdrop value in Section B1 – “Rendimientos derivados de la participación en fondos propios de entidades” if tokens represent ownership. Otherwise, use Section B2 for other capital income.

Step 4: File by Deadline
Submit Form 100 annually between April-June for the previous tax year. For 2024 income, file by June 30, 2025.

Step 5: Retain Proof for 4 Years
Keep screenshots of wallet transactions, exchange rate records, and blockchain explorer confirmations.

Calculating Your Airdrop Tax Liability

Spain taxes airdrop income at progressive IRPF rates:

• Up to €12,450: 19%
• €12,451-€20,200: 24%
• €20,201-€35,200: 30%
• €35,201-€60,000: 37%
• Above €60,000: 45%

Example: If you received €1,500 in airdrops and your total income falls in the 30% bracket, you’d owe €450 in tax. Remember to include this when calculating your total annual income.

Critical Mistakes to Avoid

• Ignoring small airdrops: All income must be reported regardless of amount
• Using incorrect valuation dates: Tax is based on value at receipt, not when sold
• Missing Form 720 filings: If tokens remain in foreign exchanges/wallets exceeding €50,000, additional reporting is required
• Overlooking subsequent sales: Selling airdropped tokens later triggers capital gains tax on top of income tax

Frequently Asked Questions (FAQ)

Staying Compliant in Spain’s Evolving Crypto Landscape

With Hacienda increasing crypto tax audits, proper airdrop reporting is essential. Document every token receipt, use reliable valuation sources, and file Modelo 100 accurately. For complex cases involving multiple airdrops or high values, consult a Spanish tax advisor specializing in cryptocurrency. Remember: Transparency today prevents costly penalties tomorrow in Spain’s strict tax environment.