How to Report Staking Rewards in Spain: Your 2024 Tax Guide

As cryptocurrency staking gains popularity in Spain, understanding how to properly report staking rewards to the Spanish Tax Agency (Agencia Tributaria) is crucial. Failure to declare these earnings can result in penalties or audits. This comprehensive guide explains Spain’s crypto tax regulations and provides step-by-step instructions for accurately reporting staking income.

Understanding Staking Rewards and Spanish Tax Law

Staking involves locking cryptocurrency to support blockchain operations in exchange for rewards. Under Spanish tax law:

• Taxable as savings income: Rewards are considered “rendimientos del capital mobiliario” (movable capital income) when received
• Taxed at progressive rates: Rates range from 19% to 28% depending on total income
• Additional declaration required: Must be reported even if exchanges don’t issue Form 720

Step-by-Step Guide to Reporting Staking Rewards

1. Calculate Your Total Rewards

Convert rewards to euros using exchange rates at the moment of receipt. Track:

• Date of each reward distribution
• Amount in cryptocurrency
• Market value in EUR at time of receipt

2. Complete Form 100 (Declaración de la Renta)

Report staking rewards in Section 2 (Rendimientos del Capital Mobiliario):

1. Box 0026: Enter total rewards value in euros
2. Box 02: Specify as “otros rendimientos de capital mobiliario”

3. Report Subsequent Sales

When you sell staked coins:

• Calculate capital gains using original acquisition cost (€0 for rewards)
• Report gains/losses in Section 3 (Ganancias y Pérdidas Patrimoniales)

Common Reporting Mistakes to Avoid

• Mistake: Not reporting small rewards
  Solution: All rewards are taxable regardless of amount
• Mistake: Using incorrect exchange rates
  Solution: Use Bank of Spain’s daily reference rates
• Mistake: Forgetting to report rewards from decentralized protocols
  Solution: Track all wallets and platforms independently
• Mistake: Confusing staking with mining income
  Solution: Mining is business income; staking is capital income

Essential Tools for Spanish Crypto Tax Reporting

• Portfolio trackers: Koinly, CoinTracking (set to Spanish tax rules)
• Exchange rate sources: Bank of Spain historical EUR rates
• Tax software: TaxDown, Declarando (with crypto modules)
• Official resources: Agencia Tributaria’s crypto guidance (2023 update)

Frequently Asked Questions (FAQ)

Do I need to report staking rewards if I haven’t sold them?

Yes. Spanish tax law requires reporting rewards in the tax year they’re received, regardless of whether you convert to fiat or hold.

What if I stake through a foreign platform?

You must still declare rewards to the Spanish Tax Agency. Foreign platforms typically don’t report to Spain, making personal tracking essential.

How are airdrops related to staking treated?

Airdrops follow similar taxation as staking rewards – valued at market price when received and taxed as movable capital income.

Can I deduct staking expenses?

Generally no. The Agencia Tributaria considers staking a passive activity, though professional staking operations may qualify for deductions (consult a tax advisor).

What penalties apply for undeclared staking income?

Penalties range from 50% to 150% of unpaid tax plus interest. Late filings incur minimum €100 fines.

Is there a minimum threshold for reporting?

No. Unlike some countries, Spain taxes all crypto income regardless of amount. Even small rewards must be declared.

Pro Tip: Maintain detailed records including wallet addresses, transaction IDs, and exchange rate documentation for at least 4 years (statute of limitations). When in doubt, consult a Spanish tax professional specializing in cryptocurrency.