Are you wondering whether you need to report the purchase of cryptocurrencies to the tax office? Rest assured – simply buying cryptocurrencies in Poland does not require any reporting to the tax authorities or any other institution. The issue only arises when you decide to do something with them.

The moment you need to consider taxes is when you sell cryptocurrencies or exchange them for something else – whether goods, services, or another cryptocurrency. That’s when the tax obligation appears, and it cannot be overlooked.

As for the specific rules, here’s how it works. Income from the sale of cryptocurrencies is taxed at a rate of 19%. All these revenues and expenses related to cryptocurrencies must be reported in the PIT-38 tax return, which you submit by April 30th of the following year. This is important because officials check this carefully.

You can deduct expenses related to purchasing cryptocurrencies, but here’s the catch – only if you paid for them via bank transfer or another identifiable method. Cash payments are problematic because it’s hard to prove the origin of the money.

Interesting fact – cryptocurrencies are not subject to VAT because they are considered property rights. This is one of the aspects that work in favor of investors. However, if you incur losses from trading cryptocurrencies, you can only offset them within the same income source in subsequent years – you cannot deduct them from other income.

In summary – simply buying cryptocurrencies is no problem; you don’t have to worry about anything. But when it comes to selling or exchanging, you need to have everything properly documented and remember your tax obligations.