Tax reports for Italy
Written by Eivind Semb
Updated over a week ago

For our Italian users, we offer three different tax reports in PDF format:

Complete Tax Report

This report details all your capital gains and income transactions and includes a complete audit trail for each taxable event's gain/loss calculation.

The PDF is comprised of 12 sections in total and includes details such as:

  • A summary of total realized gains and losses

  • Realized gain/loss and income for each individual crypto asset

  • Gain/loss and closed positions from margin, futures, and derivatives trading

  • Gain/loss and number of sales of NFTs

  • End-of-year holdings for cryptocurrencies, NFTs, and fiat currencies separately

  • A list of all capital gains events and their associated cost basis and proceeds

  • A list of all income transactions and their associated market value

  • A summary of all income and expense transactions

  • An overview of all your wallets and exchange accounts

Highest Balance Report

This report breaks down your total portfolio value during each day of the tax year. It also shows the highest portfolio value during the tax year, the different crypto assets and fiat currencies owned at this time, and a breakdown of your assets per exchange and wallet on this day.

Italy 7-Day Report

Quote from the Italy Crypto Tax Guide:

"According to Resolution no. 72 /E/2016, profits from trading cryptocurrencies are not considered taxable income due to the lack of speculative nature. However, if the person’s total wallet or account balance exceeds €51,645.69 for a minimum of seven consecutive days during the tax year, the profits are taxed as capital gains at a flat rate of 26%".

This rather unique tax rule applies only to Italy, and the Italy 7-Day Report report addresses this requirement directly. Here is a list of the conditions that are considered in this report:

  1. The market rate on January 1st of the tax year is considered whenever this market rate can be obtained

  2. If no market rate on January 1st can be obtained, the oldest market rate available during the tax year is considered instead

  3. If no market rate can be obtained during the tax year, the market rate is calculated from the first (oldest) transaction in the same tax year if possible

  4. If the market rate cannot be calculated from any transaction during the same tax year, the market rate is instead calculated from the last (newest) transaction in any previous tax year

  5. If the market rate cannot be calculated from any past transactions, a market rate of €0.00 (zero) will be considered.

A breakdown of the different sections:

  • Section 1: An overview of the market rates considered for all crypto assets and fiat currencies that are included in Sections 2 and 3 of the report

  • Section 2: A breakdown of which days the total portfolio value exceeded €51,645.69 during the tax year. If the total portfolio exceeds the threshold for 7 consecutive days or more, the row will be highlighted in red to signal that capital gains tax should be paid.

  • Section 3: A further breakdown of the portfolio value from Section 2 by each individual wallet address and exchange account. Any fiat currencies other than euros (USD, GBP, etc.) held in a wallet or in an exchange account are also specified.

Please note that euros are NOT included in the portfolio value calculations in Sections 2 and 3. We believe this is the correct way to calculate the portfolio value according to the tax requirement from Agenzia Entrate, but we encourage you to consult a tax professional if in doubt or if you have other questions.

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