Money with Manny 🇵🇹

Law | Web3 enthusiast | Tweets are not financial or Legal advice ❌ | Crypto & Taxes Portugal 🇵🇹

[Money with Manny 🇵🇹 @cryptaxptpt]

Funciona 🤟🏻

[Tax guy 🇵🇹 @cryptaxpt]

Your crypto IRS 2024 tax guide 🇵🇹

Is now also available in Portuguese🚀

Translated by @cryptaxptpt 🙌

https://t.co/raTTL456vp

[Tax guy 🇵🇹 @cryptaxpt]

🔥I think we’ve hit the bottom in crypto

An ex-personal trainer from my gym, whom I hadn’t heard from in at least eight months, just contacted me asking for help selling all his crypto on Binance.

He’s convinced it’ll never recover.

You should’ve seen how confused he looked when I told him I was DCAing.

✅The bottom signals are here

[Money with Manny 🇵🇹 @cryptaxptpt]

@gigazine It worked on perplexity

[Tax guy 🇵🇹 @cryptaxpt]

🚨If you haven't found a crypto tax professional yet, now is the time to start looking for one! 👀🇵🇹

❌This isn't self-promotion, I'm genuinely urging everyone to get prepared.

In 2027, Portuguese authorities will start receiving detailed information about your exchange activity through DAC8 (the EU's crypto reporting directive, which builds on MiCA).

Exchanges and crypto service providers will report data on your transactions starting from 2026 onward, with the first automatic exchanges of information between EU tax authorities occurring by September 30, 2027 (for the 2026 reporting year).

This means they'll know exactly how much you've sold, the proceeds, and even how long you've held assets on those platforms.

I know that, percentage-wise, very few people currently declare their crypto capital gains. I spoke with a friend who works for the tax authorities, and he told me they're already gearing up to process this incoming data. If they don't comply and handle it properly, they could face fines from the European Union.

My personal expectation is that, just like with undeclared dividends or interest income, the government will likely send emails to people asking: "Why haven't these capital gains been declared in your tax return?"

So, keep a close eye on your inbox, especially now that the Autoridade Tributária (AT) has shifted from physical mail to mostly digital communication.

[Tax guy 🇵🇹 @cryptaxpt]

🗣️Honest feedback on @finbooks_app for Portuguese crypto tax reporting🇵🇹

I finally took the time to properly test Finbooks after hearing their Portuguese representative on the Bitalk podcast. She was excellent and made a strong case, which got me genuinely excited to try it.

Unfortunately, the tool didn’t meet my expectations...

Here are my main observations:
1⃣Staking income is being classified as active income (Category B). In my view, this is incorrect, staking rewards are clearly passive income, while running and maintaining your own validator can be considered active income.
2⃣Finbooks also taxes staking rewards when you receive the reward while the law clearly states that taxes occur upon selling to fiat or using for a real life good or service.
3⃣The reports contain a large number of zero-value lines (assets bought and sold for 0). This adds unnecessary noise and makes the output harder to work with.
4⃣Instead of clean totals (total acquired, total disposed, and net gain), you get hundreds of individual lines. Expecting an accountant to manually consolidate these is unrealistic.
5⃣ It considers crypto-to-crypto trades as taxable, which is not.
6⃣ It does not include the crypto assets which are sold. You won´t need this for the filing, but you would need this in case of an audit.

Finbooks conclusion:
Pay €30.000 in taxes.
Real taxes owed: €0, because the gains Finbooks considered realised, were not realised.

For now, I continue to prefer @KoinlyOfficial, not necessarily for its final reports, but as a powerful data aggregator. Its ability to filter and extract exactly what’s relevant per client is still hard to beat.

I’m sharing this because crypto tax tooling in Europe (and especially Portugal) is still evolving.

Which tools do you think I should try?

[Money with Manny 🇵🇹 @cryptaxptpt]

@cryptaxpt @Revolut Hmmm while I'm no expert maybe it's due to the liability of revolut because their physical card may work by selling crypto at the moment of payment and then giving you euros to do so.

Maybe you need a special license to be able to do those kind of operations but I'm unsure

[Money with Manny 🇵🇹 @cryptaxptpt]

@cryptaxpt What is the IFICI regime you mentioned?

[Money with Manny 🇵🇹 @cryptaxptpt]

@cryptaxpt @Nexo Congratulations boss man 🗣️🥳 let's gooo

[Tax guy 🇵🇹 @cryptaxpt]

🚨My Experience with Crypto-Related Audits in Portugal So Far🇵🇹

Most people are terrified of receiving a “divergência” (audit notification) from the Portuguese tax authorities (AT). The fear usually doesn’t come from having done something wrong, but from not knowing exactly what documentation they’ll need to provide.

What if I told you that, in reality, these audits are often not as bad as people fear? From what I’ve seen, many of these audits seem driven more by curiosity and the government’s desire to better understand the crypto ecosystem than by an aggressive hunt to “catch” taxpayers.

Here’s what I’ve learned so far:
1⃣There are no specialized crypto auditors
If you get audited by the AT, you’ll be handled by the regular tax services team for your area. This usually means the person assigned to your case is not a crypto expert, quite the opposite. It’s often someone who may have only recently heard about Bitcoin.
2⃣They follow standard procedures
They typically ask for the same documents they would request in any other audit (screenshots, transaction history, etc.). With all due respect, it often feels like they don’t fully understand what they’re looking at. It doesn’t seem like they’ve received any specific training on crypto yet.
3⃣Many audits are triggered by missing activity codes
A large portion of crypto-related divergences happen simply because the Portuguese government still hasn’t created specific tax codes for crypto activities. People get flagged because the system doesn’t know how to categorize the transactions.
4⃣Most responses go unanswered
In many cases, after you submit your response and documentation, you hear nothing back from the AT. I’ve had crypto audits that I replied to more than two years ago and they’re still listed as “open” with no further feedback.

[Ricky Boy @RickyBoy_PW]

Well...quem não arrisca, não petisca

[Real Post Folder @RealPostFolder]

>I called out a manager during an interview for that when he started questioning me.

>It was an entry level HR position and he said he had concerns on the lack of civilian experience in HR that I had (I was in the army for 18 years and have a degree in human resource management and have pretty much every certificate needed for the field).

>I said instead of putting entry level maybe you should take it out of the job description.

[Tax guy 🇵🇹 @cryptaxpt]

🎬What is the difference between AT’s binding opinions and the Portuguese income tax law?👨🏻‍⚖️

Liking and subscribing are absolutely free and much appreciated!! 🙏

https://t.co/GGEKVVfTJw

https://t.co/IaqcELlGE1

https://t.co/IclRek2xFr

[Tax guy 🇵🇹 @cryptaxpt]

If someone, 4 years ago, would have asked me: “Do you think you will ever receive fan mail as a crypto tax specialist.”

I would laugh at him so hard!😂

Super grateful! They will get a nice place in my home office 💻

[Money with Manny 🇵🇹 @cryptaxptpt]

@cryptaxpt @TrendingBitcoin Same old, same old.

It's as old as X ( Twitter) itself

[Tax guy 🇵🇹 @cryptaxpt]

🚨If you haven't found a crypto tax professional yet, now is the time to start looking for one! 👀🇵🇹

❌This isn't self-promotion, I'm genuinely urging everyone to get prepared.

In 2027, Portuguese authorities will start receiving detailed information about your exchange activity through DAC8 (the EU's crypto reporting directive, which builds on MiCA).

Exchanges and crypto service providers will report data on your transactions starting from 2026 onward, with the first automatic exchanges of information between EU tax authorities occurring by September 30, 2027 (for the 2026 reporting year).

This means they'll know exactly how much you've sold, the proceeds, and even how long you've held assets on those platforms.

I know that, percentage-wise, very few people currently declare their crypto capital gains. I spoke with a friend who works for the tax authorities, and he told me they're already gearing up to process this incoming data. If they don't comply and handle it properly, they could face fines from the European Union.

My personal expectation is that, just like with undeclared dividends or interest income, the government will likely send emails to people asking: "Why haven't these capital gains been declared in your tax return?"

So, keep a close eye on your inbox, especially now that the Autoridade Tributária (AT) has shifted from physical mail to mostly digital communication.

[Money with Manny 🇵🇹 @cryptaxptpt]

@BlockExtreme @cryptaxpt Im not sure on the protection from LLC's side but I can definitely help you with LDA's. My DMS are open

[Money with Manny 🇵🇹 @cryptaxptpt]

@BlockExtreme @cryptaxpt While not exactly the same, the best comparison would be a Sociedade Por Quotas (LDA) which you can open in Portugal by yourself.

[Tax guy 🇵🇹 @cryptaxpt]

@cryptaxptpt Thanks for all the editing work man! Shout out to you!

[George Ferman @Helios_Movement]

Pursue your mountains.

[Tax guy 🇵🇹 @cryptaxpt]

💡What triggers the taxable event or your crypto assets?🤔

✅What needs to be reported:
1⃣Selling your crypto assets for fiat currency, such as Euros, Dollars, or other fiat currencies.
2⃣Using your crypto assets to purchase real-world goods or services. For example, if you bought a house or car with crypto assets that weren’t borrowed, you need to report this.
3⃣Using a crypto debit card. When you use a crypto debit card, the provider isn’t responsible for capital gains taxes, you are🫵

❌What doesn’t need to be reported:
1⃣Holding crypto in cold storage or on a regulated exchange.
2⃣Selling crypto that was part of a loan you opened and are obligated to repay.
3⃣Crypto-to-crypto transactions.

❓If you have any questions, feel free to drop them in the comments below so others can benefit from the discussion