Overview
The Young Platform Tax Report is a dedicated solution for users who have invested in cryptocurrencies exclusively through the Young Platform Base and Young Platform Pro platforms. This service is designed to provide comprehensive support in the tax management of cryptocurrency investments, update users on the latest regulations, and facilitate tax returns.
Report details and structure
The report offers a detailed breakdown of the assets held, organised chronologically by year, with the relative value and details of each order. This greatly facilitates tax calculations. Also included are staking gains and any Young tokens (YNG) received with the Step app and transferred to Young Platform. The document is enriched with useful notes and examples for accountants to correctly apply the regulations to different tax situations.
Please note: The total value of the portfolio and the value of each asset are calculated based on the prices of the assets listed on the Young Platform exchange.
Costs and economic benefits
The cost of the Young Platform Tax Report is extremely competitive. The price is based on the number of transactions made by the user, ensuring that the cost reflects the true level of activity. Unlike other services, Young Platform offers a report covering all tax years from 2019 onwards at one affordable price, eliminating the need for multiple payments for separate annual reports. For example, the Lite plan - aimed at those who do few transactions - is priced at €9.99.
Discounts and offers for Club members
Members of Young Platform clubs benefit from incremental discounts, which vary according to their club. These discounts are automatically applied during the purchase process.
Purchasing procedure
To access the tax report, follow these steps:
- Access your Young Platform account from your desktop.
- Click on the menu section 'Taxes & Reports'.
- Click on the first banner, dedicated to the Young Platform Tax Report.
- You will be directed to the page of the plan best suited to your needs.
- View the plan and proceed with payment.
- After payment, you will be redirected to the homepage under 'Fees & Reports'.
If you have made deposits in cryptocurrency on Young Platform that you previously purchased on other exchanges, you will need to manually manage the load price. This means that you will have to enter the original purchase price of the cryptocurrencies you deposited. If you cannot determine the purchase price, you have the option of declaring a value of EUR 0. However, it is important to consider that by choosing to declare a value of 0€, the Agenzia delle Entrate could interpret any profit from the sale of these cryptocurrencies as a capital gain, as the sale price would be higher than the declared purchase price of 0€. Remember that capital gains taxation is only applied if the total annual capital gains exceed €2,000.
Once the crypto deposit transactions have been handled, proceed as follows.
- Click on the 'Generate Report' button. The operation may take a few seconds.
- Once generated, click on 'Download' to receive the report by email. The report can be generated again or downloaded at any time.
Advantages of the Tax Report
The ability to download all of one's cryptocurrency investment history allows Young Platform users to regularise their tax position retroactively at no extra cost. This approach facilitates tax compliance and transparency, making tax returns simpler and less burdensome.
Retention of documents
It is essential to keep these documents carefully, as they will be crucial in case of tax audits. These reports will enable you to prove the correctness of your declarations.