Save time on reporting polkadot on your taxes

With Lunar Block it’s easier to report your crypto trades - such as polkadot - to Skat. Every year, you’ll get a guide sent to you which helps you to quickly and easily handle your report of any gains and losses to Skat.

Want to get started now? Then download Lunar for free, and sign up to Lunar Block.

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HOW TO REPORT POLKADOT ON YOUR TAXES

Every year, you’re obligated to report to Skat when you trade cryptocurrencies, and thus also polkadot.

It’s not as complicated as it may sound, because we’re helping you to make it a bit easier.

We’ll send you a guide which tells you what to do step-by-step. You’re also getting an overview of all your trades in the past year, so you know exactly what and how much you need to report.

You’re responsible for reporting and filing your taxes correctly. Visit Skat’s website for further information.

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POLKADOT: 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 polkadot 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 polkadot, and you pay 37% in taxes, you would have to pay 370 DKK in taxes. And if you’ve lost 1,000 DKK on polkadot 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 .

ONLY EVERY THIRD PERSON PAYS CORRECT TAXES ON POLKADOT

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. With Lunar Block, you’ll get a document containing all your crypto trades sent to you every year. Here, you can see how much you’ve earned, and how much you’ve lost. 

We’ll also send you a guide where you can see exactly which boxes in the annual tax report you need to fill out to report your information correctly.

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HOW DO I INVEST IN POLKADOT?

Do you want to invest in polkadot cryptocurrency? With us, you’re ready to trade quickly. And because you’re buying and selling via Lunar Block, which is a Danish, transparent trading platform, you can trade with peace of mind. You can download Lunar for free. After that, you sign up to Lunar Block, and once you’ve been signed up, you can buy polkadot and other cryptocurrencies directly from your phone. In the app, you can always follow the exchange rates.

Be aware that cryptocurrencies can rise and fall very quickly, and thus carry a large risk. That means that you could risk losing the entire amount you’ve purchased crypto with.

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AVOID UNNECESSARY FEES WHEN TRADING POLKADOT

When trading crypto with Lunar Block, you won’t need to worry about pointless fees that make your investment more expensive. Instead, you’re getting a set, low trading price of 2,5%. If you have Lunar Premium that price is 1,5%, and if you have Lunar Pro, your trading price is just 1%.

It’s important to keep in mind that all crypto trading carries a large risk.

See polkadot's rate 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.