2023-05-17 07:09:05
Personal income tax returns can be filed until Monday, which crypto people should also pay attention to. In some cases, it is worth filling out the relevant section even if we did not have income from cryptocurrencies, but we did have expenses.
For some, a sad or embarrassing deadline is approaching, personal income tax returns must be submitted by Monday, May 22. (Although it can be fun for others, if they get a tax refund, for example.) The deadline may also affect cryptocurrencies.
Since the tax rule change in 2021, which was basically favorable, expenses and income on cryptocurrencies can be compared. In other words, you will only be taxed on income that exceeds income, unlike before.
Why should you fill in the tax return?
Even if you had no income from cryptocurrencies in 2022, but you did have expenses, it may still be worth entering this in your tax return. At least, if next year or the year following that you want to account for it as an expense or expense.
This year is also the year when cryptocurrency income before the law came into force can be declared with the new, favorable taxation, that is, a kind of tax amnesty is available.
For more details worth reading thisz tax guide, possibly it might be useful watch this video.
A lot of small amounts go a long way
We would also like to remind you that daily crypto income that does not reach a tenth of the minimum wage is tax-free ten times a year. Precisely in the wording of the law:
“…income does not need to be determined if the transactionHeincome from l does not exceed 10 percent of the minimum wage, provided that on the day of obtaining the income, another transaction with the same subjectHela individual does not earn income, and the amount of these incomes in the tax year does not exceed the minimum wage”
It is therefore worthwhile for everyone to schedule their sales in such a way as to withdraw an amount below HUF 23,200,000 ten times a year, for example with a cryptocurrency card. This way, you can sell one minimum wage crypto per year without paying taxes. Not much, but it’s something. (The tax savings can be a maximum of HUF 34,800, as the monthly gross minimum wage is HUF 232,000 as of January 1, 2023.)
Crypto taxation and Revolut
However, you can get involved if you have earned free cryptocurrency on Revolut and sell it. For example, you can get avalanche (AVAX) tokens in exchange for a small quiz on Revolut, although not too many, only HUF 200. Previously, the fee was a few thousand HUF polkadots (DOT) and a small 1inch (1INCH). It’s not a lot of money, and if you have crypto anyway, it can mess with your taxes. With a HUF 200 crypto sale, you can lose a daily tax-free allowance of around HUF 23,000.
If you want to take out a tenth of the minimum wage tax-free ten times a year as outlined above, you can destroy part of it with your revolute sale. So it’s worth thinking this through first. Of course, you can get small amounts of Revolut’s cryptos, just don’t sell them for now. Wait until the law changes or until the value of the crypto is very high, it will multiply.
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