Guidelines for the declaration of cryptocurrencies and staking income
The correct declaration of crypto assets in your tax return is becoming increasingly important, especially in light of recent developments and stricter regulatory requirements. Below we highlight some key points that are crucial for your 2024 tax return.
Declaration of crypto assets
- Cryptocurrencies must be declared in the tax return at their market value as at 31 December (or the end of the tax period).
- Income from cryptocurrencies, such as interest or staking rewards, is considered investment income and must also be declared.
Staking
Staking is a method in which cryptocurrencies are deposited on a blockchain to validate transactions and secure the network. In return, participants receive rewards in the form of additional cryptocurrencies; these staking rewards qualify as taxable income.
If you are staking, there is a good chance that the tax authorities will insist on an official tax statement from your cryptocurrency platform or broker. In some cases, a screenshot of the assets as of the reporting date (end of the tax period e.g. 31.12.2024) may be sufficient. It is therefore important to have this evidence ready at an early stage.
Support from crypto tax software
You can also use specialized crypto tax software to make the correct declaration. These tools help to clearly display transactions and create reports for the tax return. Here is a selection of platforms recognized by most Swiss tax authorities:
- Blockpit: https://blockpit.io
- Koinly: https://koinly.io
- CoinTracking: https://cointracking.info
These solutions not only facilitate documentation, but also ensure that the requirements of the tax authorities are met.
Self-employment
- Under certain circumstances, self-employment may exist in the form of commercial securities trading. This is examined on an individual basis, based on the specific circumstances of the individual case. In order to ensure greater legal certainty, the Federal Tax Administration (ESTV) has defined criteria that help to distinguish professional trading from private securities trading.
- The active operation of mining or nodes is generally regarded as self-employment.
- In the case of self-employment, profits are taxable, while expenses and losses can be deducted. In addition, the profit is subject to AHV.
Self-disclosure without penalty
If cryptoassets or income generated from them have not been declared correctly in the past, there is the option of voluntary disclosure without penalty. This is possible once in a lifetime and makes it possible to pay the additional tax and default interest for a maximum of ten years - without additional penalties.
Support with questions
The declaration of cryptocurrencies can be complex, especially if staking, mining or other activities play a role. We will be happy to help you prepare the required evidence correctly and submit your tax return properly. We will also be happy to assist you with the question of whether you are self-employed or with a possible non-punishable voluntary disclosure. Simply get in touch with us.
+41 41 226 30 52
