Obligations to pay tax on cryptocurrencies in your income tax return

With the recently launched 2024 tax campaign, it is important to remember that there are tax obligations for cryptocurrencies. Not only is it mandatory, but it is also an area that the tax authorities are paying particular attention to. 

Paula Gámez, a partner in the tax department, confirms this in Expansión (for subscribers only): “The Tax Administration has increased controls on cryptocurrency transactions.”

Regarding the application of the FIFO (“First In, First Out”) method, our lawyer specializing in crypto taxation comments: "The High Court of Justice of the Basque Country, in a recent ruling on January 9, 2025, ruled that in order to identify the age and acquisition value of the cryptocurrencies being transferred, it is sufficient to apply the FIFO criterion to the transactions carried out on each of the purchase and sale exchanges, without it being necessary to apply it globally (for example, regardless of the exchange on which the transaction with the same type of cryptocurrency was carried out)."