Cryptocurrency scams: possibility of deducting losses in Personal Income Tax

The growing activity in the crypto-asset market has brought new risk scenarios, including scams. Given this situation, doubts have arisen as to whether the amount lost in such a deception can be accounted for as a capital loss in the Personal Income Tax (IRPF) return.

What the DGT has ruled

The Dirección General de Tributos (DGT) has determined that the amount derived from a deception or scam constitutes a capital loss, as it represents a negative variation in the value of the taxpayer's assets. However, this treatment is not automatic.

For such a loss to be accounted for in the IRPF, it must comply with the provisions of article 33.5.a of Law 35/2006. The key lies in accreditation: the existence of the loss must be demonstrated through evidence admitted in Law. It is up to the Tax Administration to assess whether the evidence provided is sufficient to confirm the economic loss.

Furthermore, as this is not a loss derived from the transfer of assets, this amount is not included in the savings tax base, but must be included in the general tax base.

What it means for you

If you are an individual who has suffered economic loss due to a scam involving crypto-assets, you have the possibility of reflecting that loss in your income tax return. This could reduce your general tax base, provided you can reliably demonstrate the event.

It is important to understand that the Administration will not accept mere allegations. The burden of proof lies with the taxpayer, who must provide documentation certifying the nature of the deception and the actual loss of funds.

What you should do

In such a situation, it is fundamental to collect all documentary evidence related to the operation and the deception suffered. The quality of the evidence will be decisive for the Administration to accept the deduction. Since the classification of the loss and its inclusion in the general tax base involve technical implications, it is necessary to assess each case individually to ensure compliance with current regulations.