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Can I offset my cryptocurrency capital losses with gains from other capital assets?
Yes, you can offset your cryptocurrency capital losses against other capital gains in Brazil, including non-crypto assets. However, the losses you can offset in any given tax period are capped at 30% of your taxable income. Excess losses can be carried forward indefinitely.
Is there a difference between cryptocurrency's long-term and short-term capital gains tax rates?
Brazil does not distinguish between long-term and short-term capital gains for tax purposes. Capital gains are taxed progressively based on the amount, regardless of the holding period.
Can I deduct transaction, gas, or brokerage fees while calculating taxes?
Yes, transaction fees, gas fees, and brokerage fees related to cryptocurrency transactions are tax deductible in Brazil.
How are cryptocurrency gifts, inheritances, and donations taxed?
There is no specific guidance from Receita Federal on how to tax cryptocurrency received as gifts or inheritances. However, it is essential to note that these could be subject to state tax laws concerning inheritances and gifts.
Are there any tax implications for using crypto to purchase goods or services in Brazil?
Cryptocurrency used as payment for goods or services is taxable income for the recipient at the equivalent rates and thresholds as regular income.
How are profits from crypto-to-crypto swaps taxed?
Profits realized from the conversion (swapping) of one cryptocurrency to another are treated as capital gains and are taxable. The gain is calculated based on the difference between the market value at the time of the swap and the original cost basis.
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Crypto Tax Guide
Confused about your crypto tax? Our detailed guide simplifies the process of understanding and filing your cryptocurrency taxes in Brazil.