Frequently asked questions about Form 721 (HTML)

Filing a return in subsequent years will only be mandatory when the combined balance of virtual currencies abroad as of December 31, valued in euros, has increased by more than 20,000 euros compared to the amount that determined the filing of the last return.

In any case, the filing of a declaration will be mandatory for virtual currencies in relation to which the condition of being required to file has been extinguished before December 31.

Yes, as indicated above, in any case it will be mandatory to submit a declaration with respect to virtual currencies in relation to which the condition of being required to file has been extinguished before December 31.

There is no obligation to report on the holdings that are cancelled before December 31, 2023, since these are virtual currencies for which there has previously been no obligation to report.

No. As indicated above, only those virtual currencies for which there has previously been an obligation to report will be cancelled.

However, the cancellation of ownership of a virtual currency acquired in a previous year and declared in Form 721, which is sold during a subsequent year, must be declared in Form 721 of that year, because there has been a prior obligation to declare it.

No.

When the termination of the status of taxpayer required to declare referred to in the second paragraph of article 42 quater.1 originates from the transfer of virtual currencies located abroad and the amount obtained has been entirely used to acquire other virtual currencies located abroad that are subject to declaration, only the balances as of 31 December referred to in the same section must be declared.

Yes, the estate or the heirs and/or legatees of the deceased have the obligation to inform about the extinction of ownership caused by the death (see FAQ 1.3).