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

Why Reporting Crypto Income in Spain is Mandatory

Spanish tax authorities (Agencia Tributaria) treat cryptocurrency as taxable assets, not legal tender. Failure to declare crypto earnings can result in audits, penalties up to 150% of owed tax, and legal consequences. Since 2021, Spain requires all crypto exchanges to report user transactions to tax authorities, making non-compliance easily detectable.

Types of Crypto Transactions Subject to Taxation

You must report:

• Capital Gains: Profits from selling crypto at higher prices than purchase
• Staking/Mining Rewards: Value at receipt treated as income
• Airdrops & Forks: Market value when claimed
• Crypto-to-Crypto Trades: Taxable events calculated in euros
• Spending Crypto: Difference between purchase price and spending value

Step-by-Step Guide to Reporting Crypto Income in Spain

1. Calculate Your Taxable Income

Use FIFO (First-In-First-Out) method to determine acquisition costs. Track:

• Purchase dates and amounts
• Transaction fees
• Market values at transaction time

2. Complete Modelo 720 (Wealth Declaration)

Required if total crypto holdings exceed €50,000. File between Jan 1 – Mar 31 annually.

3. File Capital Gains Tax (Modelo 100)

Report gains under “Rendimientos del Capital Mobiliario” on your income tax return:

• Tax rates: 19%-26% depending on profit amount
• Deductible expenses: Exchange fees, transaction costs

4. Report Savings Income (Modelo 100)

For staking/mining rewards exceeding €1,000 annually, declare as savings income at 19%-26%.

Key Deadlines and Penalties for Non-Compliance

• Modelo 720: March 31 (annually)
• Modelo 100: April-June (following tax year)
• Penalties:
  • Late filing: 5%-20% of owed tax + interest
  • Underreporting: 50%-150% fines
  • Criminal charges for evasion over €120,000

Tips for Accurate Crypto Tax Reporting

• Use crypto tax software like Koinly or TaxScouts for automated calculations
• Maintain CSV exports from all exchanges/wallets
• Keep records for 4 years (statute of limitations)
• Convert all values to euros using Bank of Spain exchange rates
• Consult a gestor for complex cases like DeFi or NFTs

FAQ: Crypto Tax Reporting in Spain

Do I need to report if I only bought crypto?

No – only report when you sell, trade, or earn crypto. Holdings under €50,000 don’t require Modelo 720.

How are crypto losses handled?

Capital losses can offset gains in the same year. Unused losses carry forward 4 years.

Is Binance reporting to Spanish authorities?

Yes – all EU-based exchanges must comply with DAC8 regulations and share user data with Hacienda.

What if I used a foreign exchange?

You must still declare all global income. Failure constitutes tax evasion.

Are NFT sales taxable?

Yes – treated as capital gains if held >1 year, or as ordinary income if sold within a year.