It's this easy to report dogecoin on your taxes

Luckily, no one ever said it had to be difficult to report your dogecoin trades on your taxes. In fact, you’ll get help from us, with both a guide and an overview of your trades sent to you annually - then, you can easily handle your annual tax report.

Remember, all trading with cryptocurrencies carries a great risk.

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TAKE CARE OF YOUR TAX REPORT QUICKLY AND EASILY

When you’re trading dogecoin, and yield a gain or a loss, you have to report it to the Danish Tax Authorities (Skat). It has to be done annually, and it’s your own responsibility to type it correctly - and on time.Think the tax regulations around cryptocurrencies are complex? Or maybe, you haven’t even checked it out just yet. No matter where you are in the process, there’s help to be had in the Lunar app.We’ll give you an overview of all your trades when it’s time to report them on your taxes. You’ll also get a guide sent to you in the app and via mail. In that, you can easily see where and how you can report all your crypto sales and purchases.

Please note: Even when we’re helping you get the overview and guiding you through the process, it’s always your own responsibility to report any gains and losses to Skat. You can find more information on Skat’s website .

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DOGECOIN: PERSONAL INCOME IN CASE OF GAINS - DEDUCTIBLE EXPENSE IN CASE OF LOSSES

When you earn money by selling cryptocurrency, you need to pay taxes on gains. The tax rate is the same as you would pay for personal income - so 37-52% depending on your tax bracket.

Due to the current taxation laws for dogecoin and other cryptocurrencies, you cannot deduct losses from any gains, when you lose money on selling cryptocurrency. Here, you will get a deductible expense, corresponding to a tax value of about 25%. 

This means that you will be taxed with 37-52% in case of any gains, while you will get 25% in deductible expenses in case of any losses. If you were to earn 1,000 on dogecoin, and you pay 37% in taxes, you would have to pay 370 DKK in taxes. And if you’ve lost 1,000 DKK on dogecoin in the same year, you would “get” 250 DKK back.

An overall result of -120 DKK, even if you’ve technically broken even. This is called asynchronous taxation, which you can read more about here .

Cryptocurrencies can rise and fall

When you trade cryptocurrencies, you need to be aware that it carries a large risk. The value of your cryptocurrency can both rise and fall, and you can risk losing the entire amount you’ve invested in cryptocurrencies.

Cryptocurrency trading is done through Lunar Block. Lunar Block is not regulated by the Danish Financial Supervisory Authority (Finanstilsynet). That means you won’t have the same protection as when trading e.g. stocks or other regulated assets.

REPORT YOUR DOGECOIN TAX CORRECTLY

The Danish Tax Agency researched how many Danes actually pay correct taxes on polkadot and cryptocurrencies in general. It turns out that 67% didn’t report gains and losses correctly. That’s a lot of people who have a hard time understanding taxation laws regarding cryptocurrencies.

Luckily, it doesn’t have to be hard. With Lunar Block,  we’ve made it easy for you to get an overview of your crypto trades. And when it’s time to report to Skat, we’ll send you a guide which explains which boxes you need to fill out in the annual report.

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HOW DO YOU INVEST IN DOGECOIN?

Are you thinking about buying dogecoin? Then Lunar Block is the right place to start. We’ve created a Danish and user-friendly platform. So even if you don’t have a lot of experience with dogecoin or cryptocurrencies beforehand, you can easily use our platform. 

And luckily, it’s not a hassle or time consuming at all to get started:

Sign up to Lunar Block. When you’ve signed up in the app, you need to fill out a crypto quiz, so you’re well-known to the risks connected with all crypto trading.

As soon as you’ve completed the quiz, you can buy and sell dogecoin and other cryptocurrencies at a set, low price - directly from your phone. Simple, easy and cheap.

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MAKE POINTLESS FEES A THING OF THE PAST

With us, you can trade dogecoin without worrying about pointless fees.

You’re avoiding safe deposit fees and transfer fees, which both are fees you could meet elsewhere when trading crypto. Instead, you can easily and quickly figure out what you’re paying for with Lunar Block.

When you buy and sell dogecoin via Lunar Block, you’re only paying 2,5% as a set trading price. If you upgrade to Premium, that price is 1,5% - and with Lunar Pro that price is just 1%.

Compare our subscriptions here .

FAQ

Cryptocurrencies can rise and fall

When you trade cryptocurrencies, you need to be aware that it carries a large risk. The value of your cryptocurrency can both rise and fall, and you can risk losing the entire amount you’ve invested in cryptocurrencies.

Cryptocurrency trading is done through Lunar Block. Lunar Block is not regulated by the Danish Financial Supervisory Authority (Finanstilsynet). That means you won’t have the same protection as when trading e.g. stocks or other regulated assets.

We do not counsel

We do not advise on currencies and do not make recommendations for either buying or selling. We can provide factual information about the different currencies, but past price developments are not an indication of future developments.

No information from Lunar Block should therefore be considered as recommendations and all decisions are up to you alone.