Get help reporting polygon to Skat

When you trade cryptocurrencies - such as polygon - with us, we’re there all the way. And of course we’re also there when you need to handle the annual tax reporting to Skat of your losses or gains on crypto trades.

WE MAKE REPORTING TO SKAT EASIER

Just like any other cryptocurrency, you need to report your polygon trades on your taxes annually. It’s your own responsibility, but we’ll make it easier for you by sending you a guide, when it’s time to file your taxes. Here, you’re also getting an overview of your trades in the last year, so you know exactly who much and what to report.

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

ONLY EVERY THIRD PERSON PAYS CORRECT TAXES ON POLYGON

The Danish Taxation Authority (Skattestyrelsen) researched how many Danes actually pay their taxes on polygon and other cryptocurrencies correctly. It turns out that 67% did not report gains and losses correctly.

That’s a lot of people, who have a hard time understanding taxation laws surrounding 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 which boxes in the annual tax report you need to fill out to report your information correctly. 

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HOW DO YOU INVEST IN CRYPTOCURRENCY?

If you want to buy cryptocurrency, Lunar Block is a great place to start. We’re a Danish, user-friendly platform, and our prices are transparent, set and low. It’s easy to get started. All you have to do is download Lunar and sign up to Lunar Block.

In the app, you will be asked to take a test about crypto, so we can make sure you’re completely ready. You will need to know all about the large risks involved in cryptocurrency trading, amongst others. You can get to know them all in the app, before you take the quiz. Once you’re signed up and completed the quiz, you can buy and sell polygon directly from your phone via Lunar Block.

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NO UNFAIR FEES. ALWAYS A SET TRADING PRICE.

When you trade polygon via Lunar Block, you’re avoiding the meaningless fees you can run into elsewhere. These are fees such as currency exchange fees and safe deposit fees.

Instead, you’re buying and selling at a set low trading price of 2,5%. And if you upgrade to Lunar Pro, your trading price is just 1%.

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Polygon can rise and fall

When you trade polygon and other 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.