Italy Balance calculation tax requirement support.
W
Worthwhile Minnow
- RW field (Valore Iniziale - Valore Finale)
- RT field -> it must be filled out if the "average" stock of the wallets held by the taxpayer as a whole, exceeds the equivalent in euro of 51,645.69 for at least seven continuous working days in the tax period
Status
Koinly can most likely already be used for 2023 with some modifications:
- "Realize gains on crypto-to-crypto" should be ON
- User needs to manually tag as Swap every trade that is not taxable (ie. doesn't involve any stablecoin)
- To view per-wallet balances, download the "Wallet Balances" report
- Realizing gains on assets held can be done by withdrawing the whole balance on Dec 31st and then depositing the same amount to the same wallet back on Jan 1st (Koinly will automatically calculate the gain on Dec 31st as if the asset was sold and the deposit will receive the cost basis equal to the value of the asset on Jan 1st)
- This list might not be comprehensive: if in doubt, consult with your tax advisor
O
Other Unicorn
Please help all italian users ! We need and update! Thank you.
N
Neon blue Panther
Just wanted to note that "cost basis method" in settings must be set to "LIFO" as the law states:
"Ai fini della determinazione delle plusvalenze/minusvalenze, si considerano cedute per prime le valute acquisite in data più recente."
Robin
Merged in a post:
URGENT: Italian Users at Risk? Is Koinly Compliant with New Tax Laws?
K
Kobi Wolverine
Hello Koinly Community,
I hope this message finds you well. As an active user, I am seeking clarification on Koinly's compliance with the recent changes in Italian tax legislation. From this year onward, it's crucial for each wallet to provide a comprehensive RW framework, including initial and final values, along with IVAFE calculations.
Furthermore, if capital gains exceed €2,000, the RT framework is mandatory, requiring meticulous tracking of gains from stacking, airdrops, etc. The generated report must mimic the structure of a tax declaration to be submitted to a tax professional.
My concern lies in whether Koinly is actively working on becoming fully compliant with the new Italian tax rules. Are there plans for collaboration with experienced tax consultants, or will Italian users need to explore alternative solutions, possibly involving data reimportation?
Your prompt response and commitment to addressing these crucial compliance issues would greatly alleviate concerns among the Italian user base. Thank you for your attention and assistance.
Best regards,
Mario
Robin
Merged in a post:
tax report Italia
M
Minimum Muskox
Integration new rules tax 2023 italian
Robin
Merged in a post:
Italy 2023 - realized gains option for stablecoins (and set such tokens from the list)
Y
Yana Perekhrest
Crypto with the same purpose and nature should be treated as non-taxable (e.g.: BTC-ETH).
Сrypto-stablecoins transactions should be represented as taxable BUT: it depends on stablecoins that have another asset or a set of non-fiat assets as underlying (as DAI, PaxGold, etc) are not considered cashouts and therefore are not subject to taxation.
Robin
Merged in a post:
Italy: Provide the calculations/settings necessary for 2023 tax return
Jack
I want Koinly to provide me with all the data/reports necessary to file my Italian tax reports for 2023 tax year (Jan 1st 2023 - Dec 31st 2023)
Status
Koinly can most likely already be used for 2023 with some modifications:
- "Realize gains on crypto-to-crypto" should be ON
- User needs to manually tag as Swapevery trade that is not taxable (ie. doesn't involve any stablecoin)
- Per-wallet balances can be taken from the "Ledgers" report
- This list might not be comprehensive: if in doubt, consult with your tax advisor
A
Acid green Orca
Koinly, do something for italians, please!
A
Acid green Orca
Yes, please!
A
Acid green Orca
It's so sad, it seems that Koinly doesn't care about the italian customers!
A
Acid green Orca
So sad about Koinly, it seems that they don't care about the italian customers!
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