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Author: Admin | 2025-04-27
To an expert in the field.Gifting cryptoWhen receiving crypto as a gift, no tax is due, but the purchase value of the person who gifted them should be taken as the cost of acquisition..To minimize crypto tax liabilities in Italy:Hold your crypto: By not selling, you avoid triggering taxable gains.Deduct losses: Deduct losses over profits of €2,000, with the ability to carry forward these deductions for five years.There are a couple of key dates you need to know about for your crypto taxes.The Italian financial year, or tax year, runs from January 1 to December 31.According to Italy's Revenue Agency, there are two forms with two different deadlines you may need to submit depending on the nature of your income. These are the Modello Redditi PF or the Modello 730, a simplified income tax return.Modello 730: The 730 Form is for individuals with employment income, credits, or deductions to declare or claim. The deadline to file the 730 form is 30 September the following year. So for example, if you're reporting on the 2023 tax year, you'll need to file the 730 Form by 30 September 2024.Modello Redditi Return: The Modello Redditi Return is for individuals reporting employment income, tax withheld, capital gains (with supplementary Form RT), or foreign income and assets (with supplementary Form RW). The deadline to file the Modello Redditi and Form RT for capital gains is 15 October of the following year. So for example, if you're reporting on the 2023 tax year, you'll need to file the Modello Redditi (and Form RT) by 15 October 2024.Italian taxpayers must choose between two different forms based on their income type, each with its own filing deadline: Form Modello Redditi PF or Form Modello 730.Modello 730 is designated for individuals declaring employment income, as well as any credits or deductions. The submission deadline is September 30 of the year following the income year.Modello Redditi PF suits those who need to report employment income, tax withheld, capital gains (requiring additional Form RT), or foreign income and assets (necessitating additional Form RW). For capital gains and the associated Form RT, the filing deadline is October 15 of the subsequent year.For declaring gains from cryptocurrencies, the relevant form is the Modello Redditi PF.If filing Form Modello 730, the deadline is September 30 of the following year. If filing Form Modello Redditi PF, the deadline is October 15 of the following year. You’ll need to file your crypto taxes with the Agenzia Entrate by the applicable deadline using the relevant forms. You can do this online through the Agenzia Entrate portal, or using paper forms.Generally, crypto taxes in Italy are paid through the individual’s tax return using a “self-assessment” method:Two advance payments (June 30 and November 30 of the current year).One final tax balance (June 30 of the following year).Amounts due are as follows:First advance payment = (100% of the income tax balance of the previous year) x 40%.Second advance payment = (100% of the income tax balance of the previous year)
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