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Many crypto investors paid tax in 2022 on profits they never actually made. Because the market crashed that year, the actual return for most people was negative. Here is a brief step-by-step guide on how you can get your money back.
Step 1: Check if you are eligible #
Start by checking if your situation qualifies for a refund. For years, you paid tax in Box 3 based on a fictional return. This is an estimate, not real profit. If your actual result was lower, you can now demonstrate the difference.
This is especially relevant for 2022. The crypto market fell sharply during that period, causing many investors to see a loss. Anyone who paid tax while their return was actually negative can get money back.
Important: you are taking no risk. If the actual return turns out to be higher, the original tax assessment remains in effect.
You can easily check this via the Dutch Tax Authority’s online checklist. There, you can see for each year whether you qualify and what information you need.
Step 2: Gather your 2022 data #
For crypto, you only need a few financial details. Make sure you have the following on hand:
- The value of your crypto on January 1, 2022
- The value on December 31, 2022
- All deposits and withdrawals
- Any trading fees
Crypto tax primarily revolves around price changes. A loss therefore works in your favor, as it is included in the actual return. Did you also have savings, other investments, or real estate in Box 3? Include those values as well, because the form calculates the total return.
Step 3: Log in to Mijn Belastingdienst #
Go to the Mijn Belastingdienst website and select the 2022 tax year. There you will find the button ‘Mijn werkelijk rendement box 3 opgeven’ (Report my actual Box 3 return). Filling it out online is the easiest method, as your actual return is automatically calculated based on the data you provide. Your actual return is then compared with your old calculation.
This way, you immediately see which outcome is most favorable. With one click, you can then submit the declaration. The original tax return is automatically corrected. You do not need to submit anything separately or file an objection.
You have until December 31, 2027, to apply for the 2022 refund. So there is no need to rush, but it is wise to start gathering your documents now.
It is certainly worth recalculating your return. With a single form, you can get some money back, which is something many investors can use in this bear market.