Tax accountant with crypto reports and tax forms

An accountant reviews crypto reports and IRPF tax forms in a morning office setting, highlighting the growing demand for digital asset declaration in Brazil.

About this subject

Declaring cryptocurrencies in Brazil's income tax (IRPF) has become increasingly complex for taxpayers. Since 2019, the Federal Revenue requires all crypto transactions, including Bitcoin, Ethereum, and stablecoins, to be reported regardless of value. In 2023, Normative Instruction 1888/2019 was updated, mandating foreign exchanges to report Brazilian clients' transactions. The accountant, a key professional in this process, must reconcile data from multiple platforms, calculate capital gains, and correctly fill the Assets and Rights section. Morning hours, peak productivity time, are often dedicated to this task in accounting offices, requiring attention to deadlines and regulatory updates. Brazil's crypto market moved billions of reais in 2023, with over 4 million tax returns including digital assets. Lack of information or errors can lead to fines ranging from 1.5% to 3% of omitted amounts, plus being flagged for audit. Thus, the crypto-specialized accountant gains relevance, offering services from organizing transaction reports to calculating capital gains taxes, which have progressive rates of 15% to 22.5% for monthly operations above R$ 35,000.

Frequently Asked Questions

Do I need to declare cryptocurrencies even if I haven't sold?

Yes, holding cryptocurrencies must be reported in the Assets and Rights section of the IRPF, even if you haven't sold. The declared value is the acquisition cost in reais on the purchase date.

What is the deadline to declare crypto in IRPF 2024?

The deadline follows the general IRPF calendar, usually from March to May. For 2024, returns for the 2023 tax year must be filed by May 31, 2024.

What happens if I don't declare my cryptocurrencies?

Omission can result in a fine of 1.5% to 3% on the undeclared amount, plus being flagged for audit. In cases of evasion, there is risk of criminal charges for tax fraud.