Once all the tax calculations are done and Verohallinto’s tax portal is open, it is time to declare your taxes before the deadline in May. You can submit your taxes online or by mail. We will primarily focus on the online portal in this guide. Should you want to call Verohallinto, you can do so on weekdays from 9 am to 4.15 pm and 9 am to 3 pm in July via 029 497 050.
Steps to declaring your cryptocurrency taxes with MyTax & Divly
Step 1
Log in to MyTax
Step 2
Scroll down to Individual Income tax and Pre-completed tax return 2023 then select Check your pre-completed tax return. To edit your tax return you should then click on Make corrections to the pre-completed tax return.
Step 3
Once here you will see five steps to complete your tax return. Relevant for cryptocurrencies are the sections Pre-completed income and deductions and Other Income
Step 4
On the Pre-completed income and deductions page you can see any information you’ve previously provided about your cryptocurrencies under Capital Income. Here, you have the option to edit the information if necessary.
Step 5
If you haven’t declared your virtual currency transactions yet, move to the Other Income page. This step is essential for those who are declaring their cryptocurrency transactions for the first time.
Step 6
For reporting capital gains from cryptocurrencies, scroll down to Capital Income and select Yes for Capital gains.
Important Information: Make sure to do the following steps twice. Once for all of your transactions that have made a gain, and once for all of your transactions that have made a loss. The pdf provided by Divly will have this information ready for you split by whether you’ve made a profit or loss on your transactions.
Step 7
Click on Add new transfer and Virtual currencies. You are asked to fill in which cryptocurrencies you’ve traded. If you have traded multiple currencies you can also fill in "several".
Step 8
When entering information for your transactions you must fill in the name of the buyer or other recipient, which would be the cryptocurrency exchanges and wallets you’ve used. The Selling date should be the last day of the year 31.12.2023, and the Selling price should be the combined selling prices of every transaction on which you’ve made gains/losses. Divly will provide this information for you.
Step 9
In the Acquisition details and costs section, you can enter 1.1.2023 as the Acquisition date, regardless of when the cryptocurrencies were actually acquired. The Acquisition price should reflect the total acquisition price for all of the currencies you have sold. You can enter any additional selling expenses under the Selling Costs field.
Step 10
Lastly, you will need to attach a pdf file that includes your transaction history and capital gains calculations. To do this scroll down to Attachments, select Add file and then choose Attachment regarding virtual currencies. Here you can upload the calculations file provided by Divly.
Reporting Mining, Staking, NFT and Airdrop Income.
Mining income is reported in the Other income section of MyTax.. You can enter your mining expenses under Deductions -> Expenses for the production of income -> Expenses for the production of other income than wage income.
Income earned from staking crypto must be entered under Other capital income. Any deductions must be reported here as well. The likely location to declare airdrop income is also under Other capital income. We will review this information when Verohallinto updates its regulations.