How to report gains and losses from virtual currencies in MyTax

This page is being updated.

You can report sales of virtual currencies in MyTax

a) one by one

b) at the same time for the whole year.

“Sales” mean that you exchange a virtual currency into another virtual currency or an official currency, or that you use virtual currencies to make purchases or pay invoices.

If you report full-year sales at the same time, note the following:

  • Save a separate calculation of capital gains as an attachment, itemising all sales transactions of the year. For example, you can make your calculation of capital gains using the Tax Administration’s FIFO calculator. If you use the Tax Administration’s calculator, make a separate calculation for each type of virtual currency sold. For example, if you have bitcoins and litecoins, make separate calculations for them.
  • If you have had sales that have generated both gains and losses during a tax year, you need to enter two separate calculations of capital gains in the MyTax input fields in addition to the attached file – one for sales that have generated gains and one for sales that have generated losses. As a result, losses can be deducted from gains in the correct order.
    This is how to proceed:
    • Select sales that have generated gains and sales that have generated losses separately from your calculation. If you use the Tax Administration’s FIFO calculator, you can, after calculating, see transactions that generated gains and losses in the top left corner of the table.
    • Start by filling in a calculation of sales that generated gains in MyTax. Here, you can report combined sales of different virtual currencies that generated gains (in other words, you do not need to fill in a separate itemisation of bitcoins and litecoins, for example, in MyTax).
    • Next, select Add new transfer and fill in a calculation of sales that generated a loss.