Do you own cryptocurrency? Here’s what to know for your 2024 tax return in the Netherlands

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Cryptocurrency has grown significantly in popularity as an investment, but did you know that the Dutch Tax and Customs Administration (Belastingdienst) considers crypto as part of your assets? This means specific rules apply when filing your 2024 tax return. In this blog, we’ll explain the key points crypto holders need to know to stay compliant and avoid surprises.

Cryptocurrency and the Dutch tax system

In the Netherlands, cryptocurrency is categorized under Box 3, which includes assets like savings, investments, and other possessions. The value of your crypto on January 1, 2024 determines the amount of tax you owe. This date, known as the reference date, is crucial for accurate reporting. Maintaining proper records of your crypto’s value on this day is essential.

How to calculate the value of your cryptocurrency?

The Tax Authority requires you to convert the total value of your cryptocurrency into euros based on the exchange rate on January 1. Many platforms provide an overview of the valuation on this date, but it’s ultimately your responsibility to report this correctly. Use reliable sources and keep the evidence safe for future reference.

Tax exemptions and rates

Not all of your assets are taxable. In 2024, there’s a tax-free allowance of €57,000 per individual. If your total assets exceed this threshold, you’ll pay taxes on the amount above it. The tax rate depends on how your assets are divided. Cryptocurrency is considered as “other assets” and often falls under the highest tax rate in Box 3.

Key considerations for crypto holders

Lost access to your wallet
If you’ve lost access to your wallet, for instance, by losing your private key, you’ll need to provide evidence. The Tax Authority may then adjust the value of your assets or consider them entirely lost.
Staking and earned income
Do you earn rewards through staking? These could fall under Box 1 as income from labor, which often has a higher tax rate. This requires careful analysis, so seek expert advice if needed.
Foreign wallets
Do you hold cryptocurrency in wallets not registered in the Netherlands? These must also be declared. The Tax Authority considers your global assets.

Tips for a smooth tax return

Keep your records updated
Regularly document the value of your cryptocurrency and store the data securely. This ensures accurate reporting during your tax return.
Check the January 1 exchange rate
On the reference date, verify the value of your crypto. Record it accurately and save the evidence for verification.
Seek professional advice
Cryptocurrency taxation can be complex. Consulting a tax professional can help you avoid overpaying or underpaying taxes.

Need help?

Cryptocurrency offers exciting opportunities but comes with tax obligations that must not be overlooked. By staying informed of the rules and maintaining proper records, you can ensure a smooth tax return process. Need help navigating the complexities of crypto taxation? Our team of experts is here to assist you. Contact us for mor information.