How to Report Airdrop Income in Spain: Your Step-by-Step Tax Guide

Cryptocurrency airdrops—free distributions of tokens to wallet holders—are exciting opportunities in the crypto world. But in Spain, they come with tax responsibilities. The Agencia Tributaria (Spanish Tax Agency) treats most airdrops as taxable income, requiring declaration in your annual tax return. Failure to report can lead to penalties. This guide breaks down the process clearly, helping you stay compliant while navigating Spain’s crypto tax landscape.

## Understanding Airdrop Taxation in Spain
Spanish tax law classifies cryptocurrency airdrops as taxable income, typically falling under “Rendimientos del Capital Mobiliario” (income from movable capital) or “Otros Rendimientos” (other income). The key event triggering taxation is the receipt of the tokens. You must declare their market value in euros at the time you gain control of them, even if you don’t sell immediately. This applies whether the airdrop was unexpected or required minimal actions like holding a specific token. Non-compliance risks fines up to 150% of the owed tax plus interest.

## Step-by-Step Guide to Reporting Airdrop Income
Follow these steps to accurately declare your airdrop earnings on your Spanish tax return:

1. **Determine the Value at Receipt**:
– Use the token’s market price in euros on the exact day you received it.
– Track this via reputable exchanges (e.g., CoinMarketCap) or your wallet’s transaction history.
– Example: If you received 100 XYZ tokens when 1 XYZ = €0.50, your taxable income is €50.

2. **Classify the Income Type**:
– Most airdrops are “Rendimientos del Capital Mobiliario” if passive.
– If you perform ongoing tasks (e.g., marketing) for the airdrop, it may be “Actividades Económicas” (business income).

3. **Report on Modelo 100**:
– For movable capital income: Enter the total euro value in **Box 0526** (Rendimientos del capital mobiliario).
– For business income: Use **Box 0369** (Actividades económicas).
– If you later sell the tokens, calculate capital gains/losses separately in **Box 0333**.

4. **Maintain Detailed Records**:
– Keep proof of receipt date, token amount, market value in euros, and wallet addresses.
– Save exchange screenshots or blockchain explorer links for 5 years (statute of limitations).

## Common Scenarios and Examples
– **Holding Airdropped Tokens**: Maria received 200 ABC tokens worth €100 total on June 1. She reports €100 as income in Box 0526 for that tax year, even if unsold.
– **Selling Later**: Juan received tokens valued at €50 on receipt (reported as income). He sells them months later for €80. He must declare a €30 capital gain in Box 0333.
– **Zero-Value Airdrops**: If tokens have no market value at receipt (e.g., pre-launch), report them with €0 income but keep records in case they gain value later.

## Frequently Asked Questions (FAQ)

**Q: Are all crypto airdrops taxable in Spain?**
A: Yes. The Agencia Tributaria considers them income upon receipt, regardless of whether you sell or hold.

**Q: What tax rate applies to airdrop income?**
A: If classified as movable capital, it’s taxed at savings rates: 19% (up to €6,000), 21% (€6,000–€50,000), and 23% (above €50,000). Business income uses progressive IRPF rates (19%–47%).

**Q: Do I report small airdrops under €1,000?**
A: Yes. Spain has no minimum threshold for crypto income reporting—all airdrops must be declared.

**Q: How do I value tokens from new projects with no market price?**
A: Use €0 if no exchange listing exists at receipt. Document this clearly.

**Q: Can I deduct fees paid to claim the airdrop?**
A: Only if classified as business income. For personal airdrops, transaction fees aren’t deductible.

Staying compliant with Spanish crypto tax rules protects you from audits and penalties. Always consult a gestor or tax advisor for complex cases, especially with high-value airdrops or business activities. Report accurately, keep immaculate records, and embrace crypto innovation responsibly!