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How to declare income from virtual currencies and crypto assets in MyTax

Transactions with virtual currency such as selling, exchanging, and using it as a method of payment may result in income for you. In addition, the mining of virtual currency may also generate income for you. ‘Virtual currency’, as referred to here, means all kinds of crypto assets.

Contents

A. Sales, exchanges, forms of use of virtual currency

B. Income from mining

A. Sales, exchanges, forms of use of virtual currency

Sales mean that you exchange a virtual currency for one or more other virtual currencies or for fiat currency (euros, for example), or that you use a virtual currency to buy something or for paying an invoice.

You can report your sales in MyTax

a) one by one; or

b) at the same time for the whole year.

You can let the Tax Administration know of your selling without delay, during the ongoing tax year, so the resulting taxable crypto income becomes covered by the percentage of tax withholding on your tax card. Alternatively, your income-tax prepayments may be re-calculated – and raised – during the ongoing tax year. This would be advisable if you sell a considerable amount of virtual currency at once. The final time when you must declare the selling is the time when you fill in the pre-completed tax return for the year.

If you report full-year sales at once, note the following:

  • Save a separate calculation of capital gains as an attachment, itemising all sales transactions of the year. A useful tool to help you prepare the capital gains calculation is the Tax Administration’s FIFO calculator (in Finnish and Swedish, link to Finnish). If you use the Tax Administration’s FIFO calculator, make individual calculations for each type of virtual currency and crypto asset sold. For example, if you sold some Bitcoins and additionally some Litecoins, make two calculations to keep them apart. 
  • If during the tax year, you made sales that generated both gains and losses, you need to enter two calculations of capital gains in the MyTax input fields in addition to the attachment file – one for the sales that generated gains, the other for those that generated losses. This will ensure that the losses get deducted from the gains in the right order.
    This is how to proceed:
    • Select sales that have generated gains and sales that have generated losses separately from your calculation. If you use the Tax Administration’s FIFO calculator, you can, after calculating, see transactions that generated gains and losses in the top left corner of the table.
    • Start by filling in a calculation of sales that generated gains in MyTax. Here, you can report combined sales of different virtual currencies that generated gains (in other words, you do not need to fill in a separate itemisation of bitcoins and litecoins, for example, in MyTax).
    • Next, select Add new transfer and fill in a calculation of sales that generated a loss.

How to declare sales in MyTax

Log in to MyTax (opens in a new window)

1. First, select whether you are providing information for the tax return or for the tax card

  1. First, go to the Individual income tax section and select Pre-completed tax return 2024, and then – Check your pre-completed tax return.

  2. Select Make corrections to the pre-completed tax return. 

  3. Your personal information will appear at the Background stage. Proceed to Pre‑completed income and deductions.
    If you provided the Tax Administration with details on your sales already, the details would show here under Capital income. You can make corrections to the information or enter more data on new sales as appropriate.

  4. If the Pre-completed income and deductions stage is showing no information on virtual-currency sales or other transfers of property, move on to the Other income stage. Scroll down to Capital income.

  5. First, select Yes for Capital gains. Then, click the Add new transfer button.

  6. Select the Virtual currencies section and enter the names of the virtual currencies

  1. Click Request a new tax card.

  2. Click the Select the complete tax card request button.

  3. Go through the relevant stages and declare your crypto selling of the ongoing year under Other income – Capital gains or losses. First select Crypto assets for property type, and then fill in the names of the assets concerned.

2. Give further details on your selling

  1. Give the name or names of the virtual currency brokerage firm(s) under Name of buyer or other recipient. 

    (a) You provide details on one sale

    • Enter the date when you traded a virtual currency for another virtual currency or for a fiat currency, or you used virtual currency to make purchases as Selling date.
    • Enter the value of the virtual currency in euros at the time you used it or traded it as Selling price.

    (b) You provide the entire year’s selling

    If you choose to give details on full-year total sales of virtual currencies at once, enter data as follows:

    • Enter the calendar year’s end date 31 December 2024 – or any other year you are reporting – as Selling date.
    • Enter the total selling prices as Selling price (with the selling prices of transactions that generated gains on one itemisation, and the selling prices of transactions that generated a loss on another itemisation).

  2. Go to Acquisition details and costs.

    (a) When you give details on one sale

    • Enter the date when you bought the virtual currency as Acquisition date.
    • Enter the virtual-currency position’s value in euros at the time of purchase. This is the acquisition price.
    • In addition, enter the amounts of any expenses that were related to the purchase in Property acquisition costs, and the costs related to the selling, if any.

    (b) The acquisition details for the entire year’s selling totals

    When you give details regarding your purchases of virtual currency related to the full-year sales, enter the following information:

    • Enter the first day of the year — 1 January 2024 — as Acquisition date, even if you had purchase transactions over several years.
    • Enter the total acquisition prices of all virtual currencies sold during the year as Acquisition price (acquisition prices of transactions that generated gains in a separate itemisation and acquisition prices of transactions that generated a loss in a separate itemisation).
    • In addition, enter the Property acquisition costs – i.e. the expenses that were related to your purchases of virtual-currency positions. For example, enter the sum of all broker’s fees you had to pay. Correspondingly, fill in the Selling costs field, as necessary.

  3. The calculation under Capital gain or capital loss appears, based on actual expenses or based on the deemed acquisition cost. This way, you can see two alternative amounts. The system will automatically select the one that is more favourable to you.

  4. At the bottom of the capital gain calculation, first click the Add file button, and then select Attachment regarding virtual currencies as the type.

    Save your calculation of itemised capital gains and losses from sales of virtual currencies as an attachment.

    • Calculate the gains or losses one-by-one for each sales transaction, i.e. every time when you exchanged a position of virtual currency into another position, virtual currency, official currency, or used it to make purchases, as the case may be.
    • If the virtual-currency position you sold had been bought through many different transactions, you must calculate the resulting increase or decrease in value one by one, based on every purchase transaction.
    • You can use the Tax Administration’s FIFO calculator to make the calculation. Save the file in PDF format because MyTax accepts no Excel files as attachments.

    Note that if you made transactions that generated both gains and losses, you need to enter two separate calculations into the fillable fields in MyTax – one for sales that generated capital gains and one for those that resulted in losses. The reason for this is that the losses must be subtracted from the profits in a certain order of sequence.  In other words, examine your calculation and select the sales that generated gains, and the sales that resulted in losses one by one.

    Finally, click OK.  The data-entry fields are now saved in MyTax.

  5. Select Add new transfer whenever you need to add a new itemisation.

B. Income from mining

  • Report the earned income (the “proof-of-work” protocol) you received from mining in the Other earned income section of the tax return.
  • If you paid expenses related to mining, fill in the amounts under Deductions – Expenses for the production of income –
    Expenses for the production of other income than wage income. These expenses include the costs arising from the increased use of electricity and the acquisition cost, either fully or in part, of any equipment used for mining.
  • Report the capital income (the “proof-of-stake” protocol) you received from mining under Other capital income. If you claim any tax deductions connected to this income, enter the amounts under Other deductions from capital income. 
  • Report the earned income (the “proof-of-work” protocol) you get from mining under Other income – Other income subject to prepayments on the application form. You will need to scroll down the page and click on Show more... The Other income subject to prepayments field is at the bottom of the page.
  • Enter the net amount of income from your mining when you request a tax card: Calculate the sum total of all income you earn from crypto mining during the year. Subtract the expenses related to the income from mining.
  • Report the capital income (the “proof-of-stake” protocol) you receive from mining under Other capital income. If you claim any tax deductions connected to this income, enter the amounts under Other deductions from capital income.
Page last updated 1/27/2025