Understanding Staking Rewards and Spanish Tax Obligations
Staking rewards occur when you lock cryptocurrency holdings to support blockchain operations, earning additional tokens as compensation. In Spain, these rewards are considered taxable income by the Agencia Tributaria (Tax Agency). Unlike some countries treating them as capital gains, Spain classifies staking income as rendimientos del capital mobiliario (income from movable capital), requiring annual declaration regardless of whether you cashed out. Failure to report can trigger audits, penalties of 50-150% of unpaid tax, plus interest. This guide clarifies Spain’s crypto tax framework to ensure compliant reporting.
How Spain Taxes Staking Rewards: Key Principles
Spanish tax law imposes two potential levies on staking activities:
- Income Tax (IRPF): Rewards are taxed upon receipt at progressive rates (19%-47%) based on your autonomous community and total annual income. Value is locked at the euro equivalent when rewards hit your wallet.
- Wealth Tax (Impuesto sobre el Patrimonio): If your global assets exceed €700,000 (including crypto holdings), staked assets contribute to your taxable wealth base.
Notably, selling staked tokens later triggers separate capital gains tax on price appreciation since receipt.
Step-by-Step Guide to Reporting Staking Rewards
Step 1: Track All Rewards
Document every reward transaction date, token amount, and euro value at exact receipt time using exchange rates from platforms like CoinMarketCap. Monthly summaries aren’t sufficient—per-transaction records are essential.
Step 2: Calculate Taxable Income
Sum all rewards’ euro values received between January 1-December 31. Example: If you earned 0.5 ETH monthly when ETH was €1,800, monthly income = €900 (€10,800 annually).
Step 3: Deduct Allowable Expenses
Reduce taxable income by direct operational costs like:
- Blockchain transaction fees for claiming rewards
- Custodial/staking platform fees (if itemized)
- Pro-rata electricity/internet costs (requires meticulous documentation)
Step 4: Complete Modelo 100 Tax Form
Report net staking income in Box 10 (Rendimientos del capital mobiliario) under code 06 (other income). Use supplementary Form 714 for foreign exchange holdings if applicable.
Step 5: Submit and Pay
File electronically via the Tax Agency portal between April-June 2025 for 2024 rewards. Pay owed taxes by June 30th to avoid penalties.
Critical Deadlines and Documentation
- Reporting Window: April 1 – June 30, 2025 (for 2024 rewards)
- Essential Records: Wallet addresses, exchange statements, reward timestamps, and EUR conversion proofs
- Threshold: Report all staking income regardless of amount—no minimum exemption exists
Pro Tips for Accurate Reporting
- Use crypto tax software (e.g., Koinly, TaxScouts) to automate EUR conversions and Form 100 integration
- Maintain separate wallets for staking to simplify tracking
- Convert volatile rewards to stablecoins immediately to minimize wealth tax exposure
- Consult a gestor specializing in crypto if rewards exceed €50,000 or involve complex DeFi protocols
Frequently Asked Questions (FAQ)
Q: Are staking rewards always taxable even if I reinvest them?
A: Yes. Tax applies at receipt regardless of whether you hold, sell, or restake the tokens.
Q: What exchange rate should I use for conversions?
A: Use the official EUR price from your exchange or a recognized aggregator (e.g., Binance, Kraken) at the exact reward timestamp.
Q: How does Spain treat staking from foreign platforms?
A: Identically to domestic platforms. You must still declare income and may need Form 720 for foreign asset reporting if holdings exceed €50,000.
Q: Can losses from staking reduce my taxes?
A: Only if you incur direct expenses exceeding rewards. Token value depreciation isn’t deductible until you sell them.
Q: Is there a difference between PoS and DeFi staking taxation?
A: No. Spain treats all reward mechanisms (Proof-of-Stake, liquidity mining, etc.) as movable capital income.
Q: What if I received rewards in a token that later became worthless?
A: You still owe tax on the euro value at receipt. The subsequent loss becomes a capital loss when you dispose of the tokens.
