germany Germany Declares Crypto Gains Tax-Free After 1 Year Even if Used for Staking, Lending Taxes Bitcoin News

Germany Declares Crypto Gains Tax-Free After 1 Year Even if Used for Staking, Lending Taxes Bitcoin News

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– The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year even if the coins are used for staking and lending.

– In Germany, cryptocurrency is viewed as a private asset, which means it attracts an individual income tax rather than a capital gains tax, crypto tax firm Koinly explained, emphasizing that Germany only taxes crypto if its sold within the same year it was bought.

– The finance ministry detailed that in a hearing that took place last year, one of the most intensely discussed questions was whether the tax-free holding period for crypto lending and staking should be a minimum of 10 years.

– The ministry noted that in coordination with federated states: The letter now states that the so-called 10-year period does not apply to virtual currencies.

– In addition, profits on crypto sales up to 600 per calendar year remain tax-free, the firm added, noting that previously, When it comes to cashing in on staked crypto, that tax-free holding period is a minimum of 10 years.

– Citing the letter published by the Ministry of Finance, crypto advisor Patrick Hansen explained on Twitter: The sale of acquired crypto assets will remain tax-free after one year, even if used for staking/lending.

 

 

germany Germany Declares Crypto Gains Tax-Free After 1 Year Even if Used for Staking, Lending Taxes Bitcoin News
Germany Declares Crypto Gains Tax-Free After 1 Year Even if Used for Staking, Lending Taxes Bitcoin News 3

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