Private annual settlement – ​​Cryptocurrencies

Three reasons to choose annual settlement with Efremtid.no

1. We have a lot of experience – we have been dealing with settlements since 2005. Thanks to this, we know how to help you in the process of favorable annual settlement.
2. We do everything online – you don't have to come to our office. You just fill out a simple form.
3. We guarantee constant contact and support – we are available on weekdays from 9:00 a.m. to 21:00 p.m. by phone: +47 21 38 38 21. You can ask any question regarding your settlement, and we will try to answer as reliably and efficiently as possible.

1. What does the service include?

This service is only a complement to private annual settlement services. No order required this service, we will not be able to settle cryptocurrencies.

The service, apart from the standard settlement described above, includes::

• Entering information regarding loss or profit from the sale of cryptocurrencies
• Proof of cryptocurrency ownership
• Information about the settlement and further procedure
• Support in case of additional questions

WARNING: The decision regarding the inclusion of deductions and the approval of the return is the responsibility of the tax office in Norway. The service only covers mediation between you and the office.

2. What information do we need?

Before the service is performed we will ask you to fill out the form. It will be sent by e-mail after ordering the service. It is necessary to include all required information in your billing.

In order to fill out the form, you will definitely need to provide it list, made yourself or using a program adapted for this purpose (e.g. kryptosekken.no). This step must be performed by you, because we understand how important the security of funds and the lack of access to the wallet or exchange by outsiders play in cryptocurrencies.

3. What do we add?

Loss from the sale of cryptocurrencies

If you sold cryptocurrencies for a profit or loss, the difference is taxable or tax deductible.

Capital tax is 22%. For example: you bought BTC for 100 kr and in the same year you sold it for 000 kr. A loss of 80 kr is deductible and results in a tax reduction of 000 kr. However, if the sale resulted in a profit, you would have to pay tax.

Profits from trading currencies and cryptocurrencies if you have withdrawn a given currency or cryptocurrency

In the case of trading in currencies and cryptocurrencies, only foreign exchange gains or losses in a given year should be settled. The value of currencies and cryptocurrencies on foreign accounts should be entered in the return at the exchange rate as of January 1 of the year following the tax year. It does not matter whether it is a currency or a cryptocurrency, the reference is always the Norwegian Krone. Let's take the example of Bitcoin BTC and several transactions we made during the year:

1. On January 15, BTC was purchased for 100 kr
2. On April 30, I sold 25% of my BTC holdings for 30 kr
3.  On May 15, sale of 25% of BTC held for 20 kr
4. On December 12, selling 25% of BTC held for 100 kr
5. December 31 – 25% BTC worth 150 kr left

The example is intended to be descriptive, so it is divided into equal parts and only one purchase transaction. In the case of a larger number of transactions, the FIFO model is used. This means that we first calculate the difference between sales and purchases on the currencies purchased at the earliest. Coming back to the example:

1. Purchasing BTC does not result in any taxes or changes in wealth during the year
2. This sale due to profit 30 – 000 = 25 kr
3. This sale causes a loss: 20 – 000 = – 25 kr
4. This sale results in a profit of 100 – 000 = 25 kr
5. This fact creates an asset: 150 kr, the previous investment of 000 kr decreased the value of the asset in the Norwegian account, which banks automatically record in the annual return

Finally, the annual settlement includes:

• Total profit from currency exchange: 75 kr
• Wealth from BTC: 150 kr

Additionally, if we have an account in Poland or abroad and cash in a given currency, it should also be entered in the annual settlement. We enter the values ​​in assets according to the exchange rate from January 1 of the following settlement year. This applies to both currency and cryptocurrency wallets. This increases the estate, resulting in a possible estate tax (over 1,7 million kroner estate is taxed in Norway)