Tax accountant with crypto reports and tax forms

Tax accountant reviews crypto reports and IRPF forms in an office during the morning.

About this subject

In Brazil, the Individual Income Tax Return (IRPF) increasingly requires attention to cryptocurrency investments. Since 2019, Brazil's Federal Revenue Service mandates reporting all crypto transactions exceeding R$ 30,000 per month, including purchases, sales, and transfers. The specialized accountant must cross-reference data from domestic and international exchanges, as well as decentralized wallets, to correctly fill out the Assets and Rights section under code 99 (other assets). The lack of standardized information across exchanges and price volatility make the work complex. In 2023, Brazil recorded over 4 million tax returns involving crypto assets, according to Revenue data. A morning routine for an accountant includes verifying statements, calculating capital gains, and applying the 15% tax rate on monthly profits above R$ 35,000. Tax planning is essential to avoid fines that can reach 20% of the omitted amount.

Frequently Asked Questions

Which cryptocurrencies need to be declared in the Brazilian IRPF?

All cryptocurrencies, including Bitcoin, Ethereum, stablecoins, and tokens, must be declared if monthly transactions exceed R$ 30,000. Even smaller amounts must be reported if there is a capital gain on sale.

How do you calculate capital gains on cryptocurrencies?

Capital gain is the difference between the sale price and the acquisition cost. For operations on foreign exchanges, the exchange rate must be converted to reais using the day's rate. The tax rate is 15% on monthly profits above R$ 35,000.

What happens if I don't declare cryptocurrencies?

Omission can result in a fine of 1.5% to 20% on the undeclared amount, plus interest. In cases of evasion, there is a risk of being audited and facing administrative proceedings.