Firi's crypto tax calculator

Firi launches crypto tax calculator

Espen Øyan21/04/2021

It's important to remember that cryptocurrency trading is taxable, and must be included in your tax return. We have done tax calculation for all customers who have traded with us in 2021.

Now you can easily get your calculations of income, profit and loss (and wealth, for Norwegian customers), and enter into your tax return using Firi's crypto tax calculator.

Here's how the crypto tax calculator works

Every time you sell crypto on Firi, you will incur either a profit or loss. This is a taxable event.

We know that many people dread calculating their cryptocurrency taxes. Firi wants to make this process as simple as possible for our customers. That's why we have developed our own crypto calculator to calculate taxes. This means that we have in fact calculated your taxes for you, all you have to do is enter the calculated values into your tax return. You can also download detailed documentation for the tax authorities, should they require it.

Please note: For now, we can only calculate taxes on trades you have made on Firi. If you also hold crypto on other exchanges or external wallets, we recommend you read the following article on cryptocurrency tax on how to proceed.

Before you begin, we recommend reading through the official guidelines for tax on cryptocurrencies from the tax authorities in your country: Skatteetaten's guide to tax on virtual currencies for Norwegian customers, and Skat's guide to tax on cryptocurrency for Danish customers. In Norway the tax return deadline is April 30th, and in Denmark the deadline is May 1st.

This is how we calculate your tax numbers

This is what you get from the tax calculator:


For Norwegian customers:

  • Wealth - The net value of your cryptocurrency holdings at the end of the year.
  • Profit - We have summed all of the profits from your cryptocurrency realisations last year.
  • Loss - We have summed all of the losses from your cryptocurrency realisations last year.
  • Income - Here we have summed all of your bonuses for last year.
  • Expenses - Here we have summed all of your expenses, such as withdrawal fees. This box will only show up if you have had expenses.

For Danish customers:

  • Profit - We have summed all of the profits from your cryptocurrency realisations last year, as well as your bonuses.
  • Loss - We have summed all of the losses from your cryptocurrency realisations last year.

When calculating taxes, historical prices from Firi's market are used.

Any transaction fees incurred are added to the buying or selling total sum, meaning they are included in profit, loss and/or income.

Bonuses are considered income for taxation purposes. The value of a bonus is calculated based on the average price of the bonus cryptocurrency on the day you receive the bonus in your wallet. The average price is based on prices gathered from the largest international exchanges.

Firi uses the FIFO principle of realization (First In, First Out). For Danish customers, the "aktiv-for-aktiv" principle of realization is used if possible.

Have you transferred crypto from another exchange?

ou can’t directly use Firi’s tax calculator if you have traded on other local or foreign exchanges, and have transferred crypto to your Firi wallet. The reason for this is that we won’t know the purchase value of the transferred crypto, and therefore cannot calculate profit or loss on the transaction. You can easily add the purchase values in our tax calculator, and then calculate your tax.

For more information on this, we recommend reading through the official guidelines for tax on cryptocurrencies from the tax authorities in your country: Skatteetaten's guide to tax on virtual currencies for Norwegian customers, and Skat's guide to tax on cryptocurrency for Danish customers.