How to Report Crypto Income in Argentina: Your 2024 Tax Guide

Introduction: Navigating Crypto Taxes in Argentina

As cryptocurrency adoption surges in Argentina, understanding how to report crypto income is crucial to avoid penalties from AFIP (Federal Administration of Public Revenue). With inflation and economic volatility driving interest in digital assets, proper tax compliance protects you while maximizing legal benefits. This guide breaks down Argentina’s crypto reporting requirements into actionable steps, helping you stay compliant in 2024.

Understanding Argentina’s Crypto Tax Framework

Argentina treats cryptocurrency as a “financial asset” rather than currency. Key principles include:

• Taxable Events: Selling crypto for fiat (ARS/USD), trading between coins, earning staking rewards, and receiving airdrops.
• Non-Taxable Events: Buying crypto with fiat or holding coins long-term.
• Tax Rates: Profits are taxed under Bienes Personales (personal assets tax) at progressive rates up to 1.25% and income tax up to 35% for commercial activity.
• AFIP Requirements: Mandatory reporting for holdings over ARS 6 million (~USD 6,500) via Form 720.

Step-by-Step Guide to Reporting Crypto Income

1. Track All Transactions: Use tools like CoinTracker or Koinly to log buys, sells, swaps, and earnings with timestamps and ARS values.
2. Calculate Taxable Gains: Subtract acquisition cost from disposal value for each transaction. FIFO (First-In-First-Out) method is standard.
3. File Form 720 (Annual Wealth Tax): Declare worldwide crypto holdings exceeding ARS 6 million by March 31 each year. Include wallet addresses and approximate values.
4. Report Commercial Income: If trading frequently, register as a monotributista or autonomous taxpayer and file monthly/quarterly returns.
5. Pay Capital Gains Tax: Include profits in your annual income tax return (Declaración Jurada) using AFIP’s online portal.

Common Crypto Reporting Mistakes to Avoid

• Ignoring Small Transactions: Even minor swaps or rewards must be recorded.
• Using Exchange Values Incorrectly: Always convert crypto values to ARS at the transaction time using AFIP-approved exchange rates.
• Missing Deadlines: Form 720 is due March 31; income tax returns follow the annual calendar.
• Overlooking Foreign Platforms: Argentine residents must declare global holdings, including Binance or Coinbase accounts.

Frequently Asked Questions (FAQs)

Do I pay taxes on Bitcoin purchases in Argentina?

No. Buying crypto with pesos isn’t taxable. Taxes apply only when you sell, trade, or earn crypto profits.

How does AFIP know about my crypto holdings?

AFIP collaborates with exchanges like Buenbit and Lemon. Since 2022, they’ve used blockchain analysis tools to cross-check declarations.

Can I deduct crypto losses?

Yes. Capital losses can offset gains within the same fiscal year. Document losses with transaction records.

Is P2P trading taxable?

Absolutely. Any disposal of crypto for fiat or goods triggers tax obligations, regardless of platform.

What if I hold stablecoins?

Stablecoins follow the same rules. Gains from selling USDT or USDC for ARS are taxable events.

Conclusion: Stay Proactive and Compliant

With Argentina tightening crypto oversight, meticulous record-keeping and timely reporting are non-negotiable. Consult a local tax advisor for complex cases, and leverage AFIP’s digital resources for updates. By accurately declaring crypto income, you avoid fines up to 200% of owed taxes while contributing to the formal economy. Start organizing your 2024 records today!