Taxes are complicated as it is, and even more so with the involvement of crypto! However, with this guide, you’ll be able to understand everything there is to know about crypto tax in Sweden. Let’s get started.
In this guide, we will also explore some tools like CoinLedger that allow you to calculate crypto taxes in minutes.
Do you have to pay tax on crypto in Sweden?
Indeed, in Sweden, cryptocurrencies are subject to taxation. Skatteverket explicitly classifies cryptocurrencies as “other assets” for tax purposes, and they can potentially be liable for Capital Gains Tax, Income Tax, or Interest Income Tax, depending on the nature of the transaction.
Crypto Tax Sweden Timeline: When to Pay Taxes
You could pay taxes between March 14 to May 02 2023, and the timeframe for paying crypto taxes in Sweden in 2024 will be similar. You can apply for an extension from the Swedish tax authority here.
Who is the Swedish Tax Authority?
Skatteverket is the Swedish tax agency tasked with collecting the nation’s taxes, including crypto taxes. Skatteverket classes crypto as “other assets,” making crypto subject to various types of taxes depending on the type of transaction.
How Is Crypto Taxed In Sweden?
There are different taxes for different types of crypto transactions in Sweden. Crypto taxes in Sweden can be subject to capital gains tax, income tax, and interest income tax, depending on the situation.
Capital Gains Tax on Crypto in Sweden
If you sell crypto for a profit in Sweden, the profits of that transaction are subject to 30% capital gains tax. You can also deduct 70% of your losses from your gains.
Capital gains tax applies to:
- Selling crypto for fiat
- Selling one crypto for another crypto
- Using crypto to buy something like goods or services
- Lending crypto
Use the K4 form in section D to file capital gains taxes on the tax authority’s website.
Income Tax on Crypto in Sweden
Any crypto you earn from an employer, client, or other type of income is subject to income tax of about 30%. For income from mining crypto, fill out a T2 form — otherwise, the income is declared as Inkomst av Tjänst.
Interest Income Tax on Crypto in Sweden
If you’re earning crypto through staking or lending rewards, it is also subject to tax of about 30%, but in this case, your losses are 70% deductible.
File interest income tax in section 7.2 of your income tax declaration.
Staking Crypto in Sweden: Tax Classification
Skatteverket has stated that locking up coins to stake them will not incur a taxable event, meaning only the rewards from staking themselves are taxable.
However, this statement was made regarding Ethereum specifically, and it’s always a good idea to consult a tax professional when in any doubt.
Taxes on Airdrops in Sweden
No guidance has been issued in Sweden regarding crypto airdrops. If you have done nothing to receive the airdropped crypto, it can be viewed as a gift and therefore is not taxable.
However, many airdrops require the recipient to repost social media posts or perform other services to help boost the online presence of the crypto project issuing the airdrop, and this would render the crypto received as income in exchange for a service, ad thus subject to income tax.
Sweden Crypto Tax: Tax Free Events
The following situations do not generate any taxable events.
- Buying crypto with Krona
- Holding crypto
- Moving crypto between wallets that you own
- Sending crypto as a gift
- Donating crypto
Crypto Tax Software
You can use software like CoinLedger to track your crypto transactions and help calculate Swedish crypto taxes. Again, it’s also best to speak with a Sweden crypto tax advisor, lawyer, or accountant who specializes in crypto tax to avoid any mistakes when filing your taxes.
CoinLedger is user-friendly crypto tax software that simplifies transaction tracking and tax reporting. The software automates the entire crypto tax preparation process. Users can import their transaction data by syncing supported wallets or using the CoinLedger API to link with cryptocurrency exchanges.
Once the transaction data is imported, CoinLedger presents a consolidated view on a dashboard. This dashboard provides insights into users’ portfolios, including trading history, gains and losses, and income from activities like staking and liquidity mining. It also supports tracking NFT transactions and calculating NFT taxes.
How to Spend Crypto in Sweden
CryptoWallet.com is launching a crypto card with over 800 supported cryptocurrencies in Q4 of 2023. You’ll be able to link external wallets to the card without handing over the keys and then simply tap the card to spend crypto directly with no conversion needed on your end!
No other card has so many cryptos, and we’re also beating many competitors on fees. If you’re holding and dealing in crypto, join the whitelist to be among the first people to receive a CryptoWallet.com card and try it out for yourself!
Sweden Crypto Tax FAQs
Can Skatteverket track my crypto activities?
Yes. Skatteverket has the capability and authority to monitor your cryptocurrency activities.
This is a result of the European Union’s sixth Anti-Money Laundering Directive. Under this directive, any company offering financial services within the EU, including cryptocurrency exchanges, is obligated to comply with stringent regulations for customer identification, commonly referred to as KYC verification. It’s important to note that any data processed during the KYC process is shared among EU member states, including Sweden.
Is crypto tax-free in Sweden?
In Sweden, there are certain transactions that are exempt from taxation, such as:
– Purchasing cryptocurrency with Swedish Krona.
– Simply holding onto cryptocurrency.
– Transferring cryptocurrency between your own wallets.
– Gifting cryptocurrency.
– Donating cryptocurrency, although it’s important to note that this is not eligible for tax deductions unless it’s converted into and donated in a fiat currency like SEK.