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Cryptocurrency tax

Before you start investing in cryptocurrencies like Ripple, Ethereum, Bitcoin or the like, it’s okay to familiarize yourself with cryptocurrency taxes.

Cryptocurrency tax is something you can find information about on the Tax Administration’s website , but here we will take you through the most important points. Get the overview you need and find

What is meant by cryptocurrency tax?

Cryptocurrency tax is something you have to pay from all the income you have in connection with the sale of virtual currencies and digital tokens.

Cryptocurrency is considered a wealth object, on a par with Norwegian kroner and traditional currency (FIAT). This means that you must state how much cryptocurrency you own at the end of the year in your tax return, and what value the assets have in Norwegian kroner.

How much do you have to pay in cryptocurrency tax?

Income you have from a property object such as cryptocurrency, you will have to pay 22% tax on. The income is calculated as so-called capital income .

This means that you have to pay the same amount in cryptocurrency tax, as you have to pay, for example, from income from interest on pensions, salaries or holiday pay that is paid out late.

If you own a cryptocurrency worth more than NOK 1.5 million, you are obliged to pay wealth tax. Such cryptocurrency tax is 0.85% of the assets that exceed NOK 1.5 million.

Loss and gain on realization

If you are going to invest in cryptocurrency , it is important to understand that the currency is an asset. According to Norwegian law, there is a tax on capital gains received from the realization of the relevant assets.

Realization can, for example, be a sale, exchange or purchase with a cryptocurrency. However, a gift transfer is not considered a realization. Should you not be left with a capital gain, but rather a loss, you are entitled to a deduction.

You must therefore calculate whether you have had a loss or a capital gain after using cryptocurrency. Only then do you know whether to pay cryptocurrency tax, or whether you get a deduction.

In the same way that cryptocurrency tax is 22%, any deduction will be 22%. Remember that this rate applies to 2021, and that it may change from year to year.

How to calculate realization and cryptocurrency tax?

When calculating losses or gains, calculate the difference between the entry and exit value of the relevant cryptocurrency.

Remember to deduct any fees and other costs related to the transaction in question.

You must also find out what was the market value of the cryptocurrency at the time of realization. Here you can take as a starting point the exchange rate that is stated on the platform where you bought or sold the cryptocurrency.

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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

If you do not find the exchange rate, you can check historical cryptocurrency exchange rates online. You must convert the current exchange rate to Norwegian kroner. Loss or gain will correspond to the following:

  • Output value – input value.
  • Cryptocurrency * US Dollar (USD).
  • Convert USD to Norwegian kroner (NOK) for both input and output value.

Other cases where you have to pay cryptocurrency tax

As mentioned, you must pay cryptocurrency tax on income you have from the realization of cryptocurrency. This applies to both buying, selling and exchanging cryptocurrency. However, there are also other cases where you have to pay cryptocurrency tax.

All forms of income from cryptocurrency and other virtual currency must be taxed. This applies, among other things, to the extraction of cryptocurrency by mining (proof-of-work) and proof-of-stake.

Any income you receive from NFT (non-fungible tokens) and DeFi must also be taxed. Also keep in mind that if you have received virtual currency through forks or equivalent, it is the current market value at receipt that is counted as income.

Cryptocurrency tax on mining and staking

If you have been engaged in mining – ie mining – of cryptocurrencies, it is a good idea to note the value of the realization in Norwegian kroner on the day mining is carried out.

Staking , whether it is a question of receiving GAS or something else, shall, like mining and other realizations, be entered in a separate field in the tax return.

How to put income from cryptocurrency into tax return?

In 2019, the Tax Administration launched a new and simpler tax return, so that it will be easier for most people to enter the correct information. In this tax return, you will find, among other things, a separate field for cryptocurrency, under «Other taxable income».

In this field you can enter the value of the income or losses on your cryptocurrencies. Among other things, you will have to add up the value of everything you may have earned from mining or selling cryptocurrency.

Previously, the relevant information would be entered under “Gain” in the tax return, but now it will be entered in a new, separate field.

the tax return cryptocurrency
Remember to fill in any winnings on the tax return. This does not have to be a complicated affair, but use the time it takes.

Many people are sloppy with cryptocurrency taxes

In 2019, the Tax Administration states that just under 5,000 Norwegians entered information about cryptocurrency gains in the tax return. In reality, it is estimated that well over 70,000 Norwegians buy, mine or sell cryptocurrency.

This means that very many have been sloppy in paying cryptocurrency taxes. This may be because they are not aware that the money is taxed, or that they are deliberately trying to evade cryptocurrency tax.

The tax administration has now introduced more frequent control of Norwegians’ income. If you have not paid the necessary cryptocurrency tax, you risk receiving a letter from the Tax Administration. You then have to pay the tax, and you risk having to pay additional tax as a penalty.

In particularly serious cases, you can also be notified if you do not pay cryptocurrency tax on larger amounts of money. The conclusion is that it is wise to pay cryptocurrency tax.

Er informasjon om kryptovaluta realisasjoner forhåndsutfylt i skattemeldingen?

Nei, opplysninger om inntekter du har hatt fra realisasjoner med kryptovaluta må legges manuelt inn i skattemeldingen.

Vet Skatteetaten at jeg har handlet med kryptovaluta? Er det ikke anonymt?

Handel med kryptovaluta omtales ofte som anonymt, siden du ikke trenger å oppgi navn eller lignende ved realisasjoner. Men Skatteetaten kan se hvem som driver med krypto.

Kan jeg endre opplysninger om kryptovaluta i skattemeldingen i etterkant?

Dersom du har oppdaget at du ikke har lagt inn informasjon om gevinst eller tap fra kryptovaluta i tidligere skattemeldinger, kan du endre dette i inntil tre år etter innlevering.

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
  • mastercard payment
  • paypal payment
  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.