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Am I required to pay taxes on bitcoins?

We often get asked whether bitcoins are taxed like other assets. As bitcoin is an entirely new form of currency, it is unclear to many whether they should declare their bitcoins to the tax authorities.

In The Netherlands, Bitcoins should be declared when filing a tax return and are considered additional assets. This means they are taxed in box 3 (saving and investing). Bitcoins in your possession are only levied by a property tax. Profit as a result of an increase in price is considered capital gains.

The first of January of each tax year is considered the reference date for determining the value of bitcoins. When filing your taxes for 2021, use the value of one bitcoin on the first of January 2021.

Disclaimer: Bitonic is not a tax advisor, contact your tax advisor for specific tax advice.

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