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 NOKyptowalut.

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

• Entering information regarding loss or profit from the sale of NOKyptowalut
• Proof of possession of NOKyptocurrencies
• 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 a statement, prepared independently or by a program adapted for this purpose (e.g. NOKyptosekken.no). This NOKok must be made by you, because we understand how important the security of funds and the lack of access to the wallet or stock exchange by outsiders play in NOKyptocurrencies.

3. What do we add?

Loss from the sale of NOKyptocurrencies

If you sold NOKyptocurrencies with a profit or loss, the difference is taxable or tax deductible.

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

Profits from trading currencies and NOKyptocurrencies if you have withdrawn a given currency or NOKyptocurrency

In the case of trading in currencies and NOKyptocurrencies, only foreign exchange gains or losses in a given year should be settled. The value of currencies and NOKyptocurrencies on foreign accounts should be entered in the return at the exchange rate on January 1 of the year following the tax year. It doesn't matter whether it is currency or NOKyptocurrency, the reference is always 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 NOK 100
2. On April 30, he sold 25% of his BTC holdings for NOK 30
3.  On May 15, he sold 25% of his BTC holdings for NOK 20
4. On December 12, he sold 25% of his BTC holdings for NOK 100
5. December 31 – 25% of BTC worth 1 left50 000 NOK

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 = NOK 25
3. This sale results in a loss: 20 – 000 = – NOK 25
4. This sale results in a profit of 100 – 000 = NOK 25
5. This fact gives rise to the following assets: 150 000 NOK, an earlier investment of NOK 100 decreased the value of the assets in the Norwegian account, which banks automatically record in the annual tax return

Finally, the annual settlement includes:

• Total profit from currency exchange: NOK 75
• Wealth from BTC: 150 000 NOK

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 NOKyptocurrency wallets. This increases the estate, resulting in possible wealth tax (over 1,7 million kroner wealth is taxed in Norway)