Najważniejsze informacje
- PIT-38 is a mandatory form for cryptocurrency investors, which must be filed by April 30th of the year following the tax year, regardless of whether a profit was made.
- The form should include revenue, costs, and financial results, and transactions can be summed up, which simplifies settlements.
- It is recommended to keep documentation confirming transactions to avoid errors and potential penalties for non-compliance.
Are you buying cryptocurrencies, profiting from them, and making several or even dozens of transactions on exchanges per month? It's likely that you'll need to pay tax on cryptocurrencies and report it using the PIT-38 form. We'll tell you what should be included and what you need to know to avoid potential mistakes!
PIT-38: crypto – key information for investors
PIT-38 is a form used for declaring income from capital gains, including from cryptocurrencies. The obligation to submit it arises when you sell digital currencies or use them to pay for a product or service.
The form must be completed regardless of whether the transactions resulted in a profit or a loss. You must indicate the value of revenue, incurred costs, and financial result. You must submit the declaration by 30 April of the year following the tax year. You can do this in paper form (e.g., at an office) or electronically – via Twój e-PIT or e-Deklaracje.
When filing a PIT-38 tax return for cryptocurrency income, you need to remember the following: * **Taxable events:** Understand what events trigger a tax liability. This typically includes selling cryptocurrency for fiat currency, exchanging one cryptocurrency for another, or using cryptocurrency to purchase goods or services. * **Capital gains/losses:** Calculate your capital gains or losses. This is the difference between the sale price (or value of goods/services received) and the purchase price (or cost basis). * **Cost basis:** Keep accurate records of the purchase price (including fees) of each cryptocurrency. This is crucial for calculating your capital gains or losses. * **Revenue from mining or staking:** If you've earned cryptocurrency through mining or staking, this can also be considered taxable income under certain circumstances. * **Documentation:** Maintain thorough records of all your cryptocurrency transactions. This includes dates, amounts, prices, and any associated fees. This documentation is essential for verifying your tax return if you are audited. * **Exchange records:** If you use cryptocurrency exchanges, download and keep records of your transaction history from these platforms. * **Specific rules for PIT-38:** The PIT-38 form is generally used for capital gains and losses. Ensure that your cryptocurrency-related income or losses are reported in the correct sections of this form. * **Tax rate:** Capital gains from cryptocurrency are typically subject to a flat tax rate (usually 19% in Poland for capital gains). * **Deadlines:** Be aware of the annual deadline for filing your PIT-38 tax return. * **Professional advice:** If you are unsure about any aspect of your cryptocurrency tax obligations, it is advisable to seek advice from a qualified tax advisor.
- You will settle income and expenses in Part E of the form.
- Cryptocurrency exchange rates are converted to PLN according to the average exchange rate of the National Bank of Poland (NBP) from the last working day preceding the transaction.
- The settlement does not require consolidation with other income, e.g. from work or business. PIT-38 applies solely to income from capital investments.
- Documentation confirming transactions is not attached to the declaration, but it is recommended to keep it to avoid errors when filing tax returns.
It is worth remembering that the PIT-38 form applies to both private individuals and sole proprietors, provided that cryptocurrencies are not part of their business activities.
Important! There is no need to submit a separate form for each transaction – you can sum all operations.
A capital loss reported on the PIT-38 form may be deducted from income from the same source for five consecutive years – up to 50% per year or, as a one-off, up to PLN 5,000,000 (in subsequent years, the limit reverts to 50%).
PIT-38 - example. What needs to be filled in and how to do it?
For example, if an investor sold cryptocurrency for PLN 15,000 and incurred purchase costs of PLN 10,000, the income is PLN 5,000. In part E of PIT-38, PLN 15,000 is entered as revenue, PLN 10,000 as costs, and PLN 5,000 as taxable income.
The next step is to calculate the 19% income tax, which in this case amounts to PLN 950. If you are filing your tax return electronically, the system will automatically suggest the amount due. If you are using a paper tax return, you will need to do the calculations yourself.
You must sign the electronic form with a trusted profile or authorisation details. After submission, it is advisable to download the UPO (official receipt confirmation) to ensure that the declaration has been submitted on time. You must send PIT-38 no later than 30 April of each tax year.
Remember to keep your transaction confirmations once you've paid the due tax – they may be needed, for example, during an inspection.
PIT-38 Cryptocurrency – Template
The PIT-38 form has several sections, but the most important one for cryptocurrencies is Section E. This section is where you enter the total income, the costs incurred to obtain it, and the result (profit or loss). The form template is available on the podatki.gov.pl website and can be filled out online. The system then automatically sums up the data and indicates the amount of tax due.
Important! Remember not to enter crypto-to-crypto exchanges in your declaration – such a transaction does not generate income.
To complete the tax return, you'll need data from exchanges, NBP rates, and bank transfer confirmations. The form also includes fields for personal details, tax office address, and payment method. You can save your completed PIT-38 form in PDF format or send it directly to the tax office. However, before taking this step, double-check that all entries match the factual situation to avoid unnecessary errors.
If you are using the services of an accountant, you can provide them with the necessary data and they will complete and submit the declaration on your behalf. In our Online accounting firm We handle all such matters remotely. This will save you time, which you can then spend on further investments!
PIT settlement: cryptocurrencies – when do you need to settle your PIT?
The PIT-38 declaration must be filed by 30 April of the year following the end of the tax year. Even if you do not make a profit but incur costs, you are obliged to file the declaration. Failure to meet this obligation may result in penalties, such as interest on unpaid tax.
The settlement only concerns transactions made within a given calendar year. If you use multiple exchanges, you must sum the data originating from them.
It is worth preparing documentation regarding individual transactions throughout the year, rather than only in April. This will help you avoid stress and potential mistakes made under time pressure at the end of the financial period.
Cryptocurrencies and PIT – penalties for failure to declare
Failure to file PIT-38 on time is a fiscal offence. The tax office can impose a fine ranging from several hundred zlotys to as much as 23,330 PLN or initiate criminal proceedings against the taxpayer evading their obligations.
If you are additionally late in paying the due tax, you will pay statutory interest calculated for each day of delay. This will constitute an additional financial burden.
Independently or with the help of an accountant – how to fill in your tax return for cryptocurrency?
You can handle your PIT return for cryptocurrencies yourself or with our help. Which option is better in your specific situation?
- If you've made few transactions, you can fill out the PIT-38 yourself. Tools like Twój e-PIT make it easier to enter data and submit your declaration. However, you need to be careful to send the returns on time and not make mistakes when entering data or calculations (if you are submitting a paper form).
- For a larger number of transactions or when using multiple exchanges simultaneously, it's worth considering accounting support. Incorrect accounting can result in penalties and immense stress, which we will help you avoid.
Our accounting firm has a strong understanding of cryptocurrencies. When dealing with more than a dozen transactions, specialist assistance is particularly valuable. Our accountants can also help you carry forward losses from previous years and optimise your tax return. We can even file the declaration on your behalf, provided you grant us the relevant power of attorney. Because we offer remote services, you can sort everything out in a few simple steps without leaving your home.
If you need to account for cryptocurrencies, make sure you do so in accordance with current requirements. We will help you with this. This way, you will avoid stress and potential penalties, while also laying a stable foundation for further investments. Check out our offer and contact us to arrange settlement details.
FAQ – Frequently asked questions about cryptocurrency tax and PIT-38 settlement
Income is the difference between revenue and the costs of obtaining it. To calculate it, simply subtract the costs of earning revenue from the revenue itself.
No – the obligation only applies in cases where there has been a taxable disposal of cryptocurrency. The purchase itself does not generate income.
You must submit PIT-38 for cryptocurrencies by 30 April of the year following the tax year in which the transaction took place. For example, if it occurred in 2024, you must submit the relevant declaration by 30 April 2025.
No. Crypto exchanges are not obliged to issue a PIT-8C form. The taxpayer is responsible for collecting the data and correct settlement.
