Get help reporting terra on your taxes
We’re with you all the way when you’re trading terra or another cryptocurrency. That’s also the case when it’s time to report to Skat.
Do you want to buy and sell terra (LUNA)?
Download the Lunar app, and sign up to Lunar Block - then, you can trade terra in minutes.
GET THE OVERVIEW WITH OUR GUIDE
It’s important to remember to report your terra and other cryptocurrency trades to Skat every year. Luckily, it’s not difficult.
To make it as easy as possible for you, Lunar Block will send you a guide when the time to file your taxes arrive. You’re also getting an overview of your crypto trades within the last year via the Lunar app and email. Then you can better keep track of what you need to report to Skat.
You’re responsible for reporting any gains to Skat. Find more information on this on Skat’s website .
TERRA: PERSONAL INCOME IN CASE OF GAINS - DEDUCTIBLE EXPENSE IN CASE OF LOSSES
When you earn money by selling cryptocurrency, you need to pay taxes on gains. The tax rate is the same as you would pay for personal income - so 37-52% depending on your tax bracket.
Due to the current taxation laws for terra and other cryptocurrencies, you cannot deduct losses from any gains, when you lose money on selling cryptocurrency. Here, you will get a deductible expense, corresponding to a tax value of about 25%.
This means that you will be taxed with 37-52% in case of any gains, while you will get 25% in deductible expenses in case of any losses. If you were to earn 1,000 on terra, and you pay 37% in taxes, you would have to pay 370 DKK in taxes. And if you’ve lost 1,000 DKK on terra in the same year, you would “get '' 250 DKK back.
An overall result of -120 DKK, even if you’ve technically broken even. This is called asynchronous taxation, which you can read more about here .
Cryptocurrencies can rise and fall
When you trade cryptocurrencies, you need to be aware that it carries a large risk. The value of your cryptocurrency can both rise and fall, and you can risk losing the entire amount you’ve invested in cryptocurrencies.
Cryptocurrency trading is done through Lunar Block. Lunar Block is not regulated by the Danish Financial Supervisory Authority (Finanstilsynet). That means you won’t have the same protection as when trading e.g. stocks or other regulated assets.
REPORT YOUR TAXES ON TERRA CORRECTLY
According to a study from the Danish Tax Agency , 67% of Danes have reported their gains and losses from cryptocurrency incorrectly. That says something about how hard it can be to comprehend the many taxation regulations surrounding cryptocurrency.
That’s why we’re sending you an overview over all your crypto-trades every year, along with a guide that explains which boxes to fill out in your annual tax report, so you can correctly report your information to Skat
Remember: It will always be your own responsibility to report your taxes correctly, and it’s not something that will happen automatically. But we’re happy to help with guiding you through and giving you an overview of your trades.
Download the Lunar app and sign up to Lunar Block - then you could begin trading crypto today.
How do I invest in cryptocurrency?
Lunar Block is the crypto platform for you, if you value transparency and user-friendliness.
Our app is easy to use and you can always learn more about crypto in our knowledge bank - so no matter whether or not you have experience in buying and selling crypto, the app will always be useful for you.
Get a good start by signing up to Lunar Block. You need to complete a quiz when you’ve signed up in the app, so you can get to know the risks connected to all crypto trading.
Once you’ve done that, you can quickly and easily trade and sell terra and other cryptocurrencies directly from your phone - even when you’re on the go.
We do not counsel
We do not advise on currencies and do not make recommendations for either buying or selling. We can provide factual information about the different currencies, but past price developments are not an indication of future developments.
No information from Lunar Block should therefore be considered as recommendations and all decisions are up to you alone.
ALWAYS A SET, LOW TRADING PRICE WITHOUT UNFAIR FEES
With Lunar Block, you’re always getting a set, low trading price of 2,5%, and if you upgrade to Premium, you’re getting a set trading price of 1,5% - and with Lunar Pro, that price is just 1%.
That way you’re avoiding pointless fees such as exchange fees and transfer fees, which you may find elsewhere.
Buy terra now
Your questions - answered
How do I buy terra?
What does it cost to buy terra via Lunar Block?
Do I need to know anything about terra or other cryptocurrencies beforehand?
What’s the difference between trading terra via Lunar Block and other platforms?
Which risks should I be aware of?
Is it safe to trade terra?
Do I get help reporting terra on my taxes?
Is there a minimum amount I need to buy terra for?
Cryptocurrencies can rise and fall
When you trade cryptocurrencies, you need to be aware that it carries a large risk. The value of your cryptocurrency can both rise and fall, and you can risk losing the entire amount you’ve invested in cryptocurrencies.
Cryptocurrency trading is done through Lunar Block. Lunar Block is not regulated by the Danish Financial Supervisory Authority (Finanstilsynet). That means you won’t have the same protection as when trading e.g. stocks or other regulated assets.
We do not counsel
We do not advise on currencies and do not make recommendations for either buying or selling. We can provide factual information about the different currencies, but past price developments are not an indication of future developments.
No information from Lunar Block should therefore be considered as recommendations and all decisions are up to you alone.