picture of calculator, ipad and pen to calculate taxes on crypto

Taxes on cryptocurrencies

How do you calculate taxes on cryptocurrencies, and what is the right percentage for profits and losses? These are important questions that pop up every year. We will try to help you with the answers.

In Norway, cryptocurrencies are treated as assets and must be declared in your yearly tax return. Read our Norwegian guide on how to do this here. In Denmark, cryptocurrency trading is normally considered speculation and must be declared in your yearly tax return.

We want it to be easy for our customers to report cryptocurrencies in their tax return. This article shows you how you can use Firi's own tax calculation, third party solutions like Kryptosekken, and how you can calculate your own taxes via CSV export.

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.

Please note that for now, we can only calculate based on your cryptocurrency holdings at Firi. If you hold cryptocurrency on other exchanges or in wallets, we recommend one of the other solutions.

What is the right tax percentage for cryptocurrency?

In Norway, cryptocurrency profits and losses are taxed by 22%, and you have to account for all of your transactions. In Denmark, cryptocurrency profits are taxed as income, with a total tax percentage of up to 56%, while losses qualify with a 30% tax deduction. Thankfully, we can help you with the calculation.

Where to find the cryptocurrency tax calculator

To open Firi's tax calculator, you can click the button below, or follow these simple steps.

In the Firi app:

  1. Log in
  2. More
  3. Tax calculation

On the Firi web:

  1. Log in
  2. Profile (your name)
  3. Tac calculation

This is how we calculate your tax numbers

You are responsible for reporting your tax numbers in your tax return. Read more about how to enter your tax return here.

For Norwegian customers:

Wealth - The net value of your cryptocurrency holdings at the end of the year.

(Enter under "Formuesverdi" in the tax return)

Profit - We have summed all of the profits from your cryptocurrency realisations last year.

(Enter under "Skattepliktig gevinst" in the tax return)

Loss - We have summed all of the losses from your cryptocurrency realisations last year.

(Enter under "Fradragsberettiget tap" in the tax return)

Income - Here we have summed all of your bonuses for last year.

(Enter under "Annen skattepliktig inntekt" in the tax return)

Expenses: If you have had any expenses, such as a withdrawal fee, you can get a tax deduction for this. This box only appears in your tax calculation if you have any expenses to list (Enter under "Finans" -> "Forvaltningskostnader" -> "Verdipapirforvaltning" in the tax return)

For Danish customers:

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

(Enter in box 20 in the tax return)

Loss - We have summed all of the losses from your cryptocurrency realisations last year.

(Enter in box 58 in the tax return)

If you have invested and traded on multiple platforms

For Norwegian customers:

Kryptosekken.no is a service developed in Norway tailored to Norwegian tax regulations. The service helps you account for your cryptocurrencies, does the necessary calculations for your tax return, and generated the necessary reports. It also gives a step by step explanation on how to fill in your tax report.

Kryptosekken supports API import of all transactions from Firi (formerly MiraiEx). This means the service can automatically download all necessary information about transactions and transfers in order to calculate your cryptocurrency taxes.

If you use Kryptosekken, you will receive free tax calculation of up to 1000 yearly Firi transactions.

How to calculate your own cryptocurrency taxes

CSV export of transactions

If you prefer to calculate your crypto taxes and report everything yourself, CSV export is one way to do this. You can find the CSV export page under Settings on the Firi web platform. Here you can export all your Firi transactions, year by year. The transactions can be tied to trades by using the match_uuid value. You can also export your trades and orders from the same page.

Have you forgotten to report cryptocurrency in previous tax returns?

If you have forgotten to report cryptocurrency in a previous tax return, we recommend that you correct this. In Norway you can correct missing or incorrect numbers in your tax return going back three years by submitting a correction for the tax return. Read more about how you correct your tax return here.

Running late with your tax return?

You can apply for an extension to the tax return deadline, just remember to do so before the original tax return deadline.

In Norway, the original deadline is April 30th. Extensions beyond 30 days is not granted for wage earners and pensioners. If you are granted an extension, you can not expect to receive the tax settlement in June. You can read more about this and apply for an extension at Skatteetaten.

In Denmark, the original deadline is May 1st. Contact Skat to apply for an extension.

Contact us

Contact us at [email protected] if you have questions about our services. Feel free to let us know of other services that support import of transactions from Firi for tax calculation.

For other tax related questions, please contact Skatteetaten in Norway or Skat in Denmark.

Espen Øyan23/01/2021