Forms 100, 721, and 714 for Cryptocurrencies: Complete AEAT Guide 2025

If you own cryptocurrencies in Spain, you have likely heard about Form 100, Form 721 (formerly 720), and Form 714. But do you really know which one you must file? When? And what happens if you don't?

The confusion is understandable: AEAT uses three different forms to control cryptocurrencies, each with different objectives, different deadlines, and most importantly, penalties that can exceed €150,000 if you don't comply correctly.

In this complete guide we explain:

• What each form is and what it's for
• When you must file each one (and when NOT to)
• Key differences between the three forms
• Specific penalties for not filing them
• Common mistakes taxpayers make
• Answers to frequently asked questions in FAQ format

By the end of this reading, you will have absolute clarity about your tax obligations with cryptocurrencies before AEAT.

What is Form 100?

Form 100 is the annual IRPF (Personal Income Tax) return. It's the form we all know as "the income tax return".

When you operate with cryptocurrencies, you must declare in Form 100:

1. Capital gains and losses

Every time you sell, exchange, or use cryptocurrencies, you generate a change in assets that must be declared:

• Selling crypto for euros: BTC → EUR
• Exchange between cryptos: BTC → ETH
• Payment with cryptocurrencies: Buying a product paying with BTC
• Conversion to stablecoins: BTC → USDT (yes, it also taxes)

These operations are declared in boxes 1624-1649 of Form 100, depending on whether they are short-term (<1 year) or long-term (>1 year) gains/losses.

Important: The FIFO (First In, First Out) method is applied, which means the first cryptocurrencies you bought are considered the first ones sold when calculating gains.

2. Income from movable capital

If you generate passive income with your cryptocurrencies, they are taxed as income from movable capital:

• Staking: Rewards for validating transactions
• Lending: Interest for lending your cryptos on DeFi or CeFi platforms
• Passive airdrops: Tokens received without prior activity
• Interest on crypto accounts: "Savings account" type returns on Nexo, Celsius, etc.

These are declared in boxes 0027-0046 of Form 100 and are taxed as capital income, with withholding applicable as appropriate.

3. Income from economic activities

If your cryptocurrency activity is professional or habitual, it may be considered economic activity:

• Cryptocurrency mining (see our specific article on mining)
• Professional high-frequency trading
• Creation and sale of NFTs as main activity
• Receiving payments in crypto for professional services

In these cases, you must register in IAE (Economic Activities Tax), file quarterly returns (Form 130/131), and income is declared in boxes 0086-0197 of Form 100.

When is Form 100 filed?

Deadline: From April 11 to June 30 of the year following the fiscal year.

• For 2024 operations → Filing between April-June 2025
• For 2025 operations → Filing between April-June 2026

Filing obligation:

You are required to file Form 100 if:

• Your work income exceeds €22,000 (from a single payer) or €15,000 (multiple payers)
• You have capital gains (including crypto) exceeding €1,000
• Movable capital income exceeding €1,600
• Other specific circumstances of IRPF regulations

Important for crypto: Even if you're not required to file due to your work income, if you have cryptocurrency operations that generate gains, you're probably required to file Form 100.

What documentation do I need for Form 100 with cryptocurrencies?

To correctly declare your cryptocurrencies in Form 100 you need:

1. Complete record of all your transactions:

   • Date of each operation
   • Type of operation (purchase, sale, swap, etc.)
   • Amount in euros at the time of transaction
   • Cryptocurrency involved and quantity

2. Correct calculation of gains/losses:

   • Application of FIFO method
   • Acquisition price vs transfer price
   • Reconciliation of transfers between wallets/exchanges

3. Supporting documents:

   • Exchange statements
   • Blockchain transaction history
   • Wallet certificates

Reality: With hundreds or thousands of transactions, especially if you've operated in multichain DeFi, this becomes extremely complex. That's why specialized professional services like Cleriontax exist.

What is Form 721?

Form 721 is the evolution of the old Form 720, specifically adapted for cryptocurrencies and virtual currencies located abroad.

It's an annual informative declaration where you must inform AEAT about:

• Cryptocurrency balances on foreign exchanges
• Cryptocurrencies in non-custodial wallets (according to AEAT interpretation)
• Virtual currencies on DeFi platforms
• Any virtual assets hosted outside Spain

Important: It's not a tax return (you don't pay taxes for filing Form 721). It's purely informative, but penalties for not filing are the most severe in the entire Spanish tax system.

When must I file Form 721?

Filing obligation:

You must file Form 721 if on December 31 of the fiscal year:

1. You have cryptocurrencies abroad worth more than €50,000
2. It's the first time you exceed that threshold, or
3. The balance has increased by more than €20,000 compared to the last declaration filed

Practical examples:

Example 1 - First filing:

• 31/12/2024: You have €60,000 in crypto on Binance (foreign exchange)
• ✅ Required to file Form 721 in 2025
• Deadline: From January 1 to March 31, 2025

Example 2 - Not required:

• 31/12/2024: You have €45,000 in crypto on Binance
• ❌ Not required (doesn't exceed €50,000)

Example 3 - Significant increase:

• 31/12/2023: You had €60,000 (filed Form 721 in 2024)
• 31/12/2024: You have €85,000 (increase of €25,000)
• ✅ Required to file again (increase >€20,000)

Example 4 - Not required despite having crypto:

• 31/12/2023: You had €60,000 (filed Form 721 in 2024)
• 31/12/2024: You have €65,000 (increase of €5,000)
• ❌ Not required (increase <€20,000)

When is Form 721 filed?

Deadline: From January 1 to March 31 of the following year.

• For balances at 31/12/2024 → Filing between January-March 2025
• For balances at 31/12/2025 → Filing between January-March 2026

Important: The deadline is different from Form 100. Many taxpayers make the mistake of thinking it's filed together with the income tax return, but Form 721 is filed in the first quarter of the year.

What cryptocurrencies are considered "abroad"?

This is one of the most frequent questions and where there's most confusion. According to AEAT:

✅ Yes, considered "abroad" (must declare in Form 721):

1. Foreign exchanges:

   • Binance (Malta/Cayman Islands)
   • Coinbase (USA)
   • Kraken (USA)
   • KuCoin (Seychelles)
   • Bitfinex (Hong Kong)
   • And any other exchange not registered in Spain

2. Non-custodial wallets according to AEAT:

   • MetaMask
   • Ledger
   • Trezor
   • Trust Wallet
   • Any wallet where you control the private keys

   AEAT justification: Although you control the keys, cryptocurrencies "exist" on the blockchain, which is not located in Spain.

3. DeFi protocols:

   • Funds deposited in Aave, Compound, Uniswap, etc.
   • Liquidity pools
   • Staking on decentralized protocols
   • Any smart contract that custodies your assets

❌ Not considered "abroad" (don't declare in Form 721):

1. Spanish exchanges:
   • Bit2Me (Spain)
   • Any exchange with registered office and registration in Spain

Important: Currently, virtually all major exchanges are abroad, which means most users with more than €50,000 in crypto are required to file Form 721.

Form 721 penalties: the harshest in the tax system

Form 721 has the most severe penalty regime in all Spanish tax regulations:

Penalty for not filing or filing late:

Minimum fine: €10,000 per data item or set of omitted data, with a minimum of €10,000 per information block.

Maximum fine: Can reach up to 150% of the undeclared balance if AEAT considers there was intent to conceal.

Examples of real penalties:

Case 1 - Oversight without bad faith:

• You have €60,000 on Binance
• You forgot to file Form 721
• Penalty: Minimum €10,000 (even without concealment)

Case 2 - Multiple exchanges:

• You have €40,000 on Binance, €30,000 on Coinbase, €25,000 on Kraken
• Total: €95,000 (exceeds threshold)
• Didn't file Form 721
• Penalty: Potentially €30,000 (€10,000 per undeclared exchange)

Case 3 - Presumption of concealment:

• You have €200,000 on foreign exchanges
• Didn't declare on Form 721
• AEAT considers you were concealing to evade taxes
• Penalty: Up to 150% of €200,000 = €300,000

Extended prescription:

The worst part: if you don't file Form 721, the prescription period for your tax obligations extends from 4 to 10 years.

This means AEAT can review and penalize operations from up to 10 years ago if you didn't declare Form 721 correctly.

How to correct Form 721 after the deadline

If you realized you should have filed Form 721 and didn't, act immediately:

1. File Form 721 as soon as possible through late declaration
2. The penalty is significantly reduced if you file voluntarily before AEAT requires you
3. You can benefit from 50% reduction of the penalty if you acknowledge the facts
4. Consider consulting with a professional before filing to minimize risks

Don't wait: The later you file, the higher the penalty and greater the risk of AEAT considering it intentional concealment.

What is Form 714?

Form 714 is the Wealth Tax declaration, a tax that taxes the net wealth (assets minus liabilities) of individuals.

Current status: Wealth Tax is 100% exempt in almost all Autonomous Communities since 2023, so most taxpayers don't pay tax, but some must file the informative declaration.

Must I include cryptocurrencies in Form 714?

Yes, if you file Form 714, you must include your cryptocurrencies as part of your wealth.

Cryptocurrencies are declared as:

• "Other assets and rights with economic content" (box 48 or similar depending on region)
• Valued at their market value on December 31
• Both crypto in Spain and abroad are declared

When must I file Form 714?

Filing obligation:

You must file Form 714 if:

1. Your net wealth exceeds €2,000,000 (depending on region, may vary), or
2. You have assets or rights abroad worth more than €50,000 (even if your total wealth is less)

Important for crypto: If you have more than €50,000 in cryptocurrencies on foreign exchanges or wallets, even if your total wealth is less, you're required to file Form 714.

When is Form 714 filed?

Deadline: From April 11 to June 30 (same as Form 100).

• For wealth at 31/12/2024 → Filing between April-June 2025

Difference between Form 721 and 714

This is a very frequent confusion:

Practical example:

You have €80,000 in cryptocurrencies on Binance and €100,000 in a bank account in Spain. Total wealth: €180,000.

• ✅ Required to file Form 721 (crypto abroad >50k)
• ✅ Required to file Form 714 (assets abroad >50k, even though total wealth <2M)
• ✅ Required to file Form 100 (if you have income or capital gains)

What happens if I don't file Form 721?

Answer: The consequences are extremely serious:

1. Minimum penalty of €10,000 per omitted information block
2. Extension of prescription period from 4 to 10 years
3. Presumption of unjustified gains: AEAT can presume your cryptocurrencies are undeclared capital gains and tax them at the maximum marginal rate (up to 28%)
4. Possible tax crime: If the defrauded amount exceeds €120,000, it may constitute tax crime (prison sentence of 1 to 5 years)

Recommendation: If you realize you should have filed Form 721 and didn't, file a late declaration immediately and consult with a professional. The penalty is significantly reduced if you act before AEAT requires you.

Do I have to file all 3 forms (100, 721 and 714)?

Answer: It depends on your specific situation.

Common scenarios:

Scenario 1 - Small portfolio (<50k):

• You have €30,000 in crypto on Binance
• You've made some operations with gains of €5,000
• Total wealth: €80,000
• Obligations: Only Form 100 ✅ (declare capital gains)

Scenario 2 - Medium portfolio (50-200k):

• You have €100,000 in crypto on foreign exchanges
• You've traded and have gains of €15,000
• Total wealth: €150,000
• Obligations: Form 100 ✅, Form 721 ✅, Form 714 ✅

Scenario 3 - Large portfolio (>500k):

• You have €600,000 in crypto distributed between exchanges and DeFi
• You've actively traded with gains of €80,000
• Total wealth: €800,000
• Obligations: Form 100 ✅, Form 721 ✅, Form 714 ✅

Summary:

• Form 100: Almost always required if you operate with crypto
• Form 721: Only if you exceed €50,000 in crypto abroad
• Form 714: Only if you have >50k abroad or wealth >€2M

How do I know if my cryptocurrencies are "abroad"?

Answer: Apply this quick guide:

✅ Abroad (declare Form 721 if >50k):

1. Foreign exchanges: Binance, Coinbase, Kraken, KuCoin, Bitfinex, etc.
2. Non-custodial wallets: MetaMask, Ledger, Trezor, Trust Wallet, etc.
3. DeFi protocols: Aave, Compound, Uniswap, Curve, etc.
4. General rule: If the exchange/platform DOESN'T have its registered office in Spain and ISN'T registered with CNMV → It's foreign

❌ In Spain (don't declare Form 721, only Form 100):

1. Spanish exchanges: Bit2Me and others with headquarters in Spain
2. Spanish banks with crypto services (if any)

Special case - Non-custodial wallets:

AEAT considers that cryptocurrencies in non-custodial wallets are "abroad" because the blockchain is not physically in Spain.

AEAT criterion: If you have €60,000 in your Ledger (non-custodial wallet), you must declare it on Form 721.

Controversy: This criterion is legally questionable, as you completely control the private keys. However, it's AEAT's official position currently, and we recommend complying to avoid penalties.

Can I file Form 721 after the deadline?

Answer: Yes, you can file a late declaration, but you'll have penalties.

Types of late filing:

1. Late without prior requirement:

   • You file voluntarily after March 31
   • Penalty: From €150 to €10,000 depending on delay and circumstances
   • 50% reduction if you acknowledge the facts and don't appeal

2. After AEAT requirement:

   • AEAT has sent you a requirement
   • You file after the requirement
   • Penalty: Minimum €10,000, without significant reductions
   • Possible 150% penalty of balance if concealment is considered

Advice: If you realized you forgot to file Form 721, do it immediately through late declaration. The longer you wait, the worse.

What happens if my cryptocurrency value drops below €50,000?

Answer: It depends on whether you had previously filed Form 721.

Scenario 1 - First time:

• 31/12/2024: You have €60,000 in crypto on Binance
• You file Form 721 in March 2025 ✅
• 31/12/2025: You have €35,000 (market dropped)
• Required to file in 2026? ❌ NO (no increase >20k)

Scenario 2 - Never exceeded 50k:

• 31/12/2024: You have €40,000 in crypto
• 31/12/2025: You have €30,000
• Required to file? ❌ NO (never exceeded €50,000)

Important: The obligation is evaluated on December 31 of each year. Fluctuations during the year don't matter, only the balance at year-end.

Do I have to declare stablecoins (USDT, USDC, DAI)?

Answer: Yes, absolutely.

Stablecoins are cryptocurrencies for tax purposes, even though their value is stable relative to the dollar or euro.

Implications:

1. Form 721: If you have 60,000 USDT on Binance, you exceed the €50,000 threshold and must file Form 721

2. Form 100:

   • Converting BTC → USDT is a taxable operation (generates capital gain/loss)
   • Many users think converting to stablecoin doesn't tax. This is FALSE.
   • AEAT considers USDT as any other cryptocurrency, not as euros

3. Form 714: They're included in your wealth at market value (1 USDT ≈ €1 or $1)

Common error: "I converted my Bitcoin to USDT to protect from volatility, I didn't sell to euros, so I don't tax." FALSE. BTC → USDT is an exchange that generates change in assets.

How do transfers between exchanges affect my tax obligations?

Answer: Transfers between your own exchanges/wallets DO NOT generate tax, but you must declare them correctly to avoid calculation errors.

Example:

1. You buy 1 BTC on Coinbase for €40,000
2. You transfer that 1 BTC to Binance
3. You sell the 1 BTC on Binance for €50,000

Fiscally:

• The transfer Coinbase → Binance doesn't tax (it's just an internal movement)
• The sale on Binance does tax: Gain = €50,000 - €40,000 = €10,000
• You must declare €10,000 capital gain on Form 100

Common problem:

Automatic software (CoinTracking, Koinly, etc.) often doesn't correctly reconcile these internal transfers and may:

• Count them as two independent operations (sale on Coinbase + purchase on Binance)
• Lose traceability of acquisition cost
• Duplicate gains or create phantom losses

Solution: You need manual reconciliation or professional service that correctly identifies and labels all internal transfers.

What documentation must I keep to justify my cryptocurrency operations?

Answer: AEAT can require supporting documentation for your crypto operations. You must keep:

Basic documentation:

1. Exchange statements:

   • Complete history of operations (buy/sell/trading)
   • History of deposits and withdrawals
   • Screenshots of your portfolio on 31/12

2. Blockchain transaction history:

   • Records of on-chain transfers
   • Transaction hashes (TxHash) of important operations
   • Your own wallet addresses

3. Proof of fund origin:

   • Bank transfers to exchanges
   • Crypto purchase receipts
   • Invoices if you bought crypto by card

4. DeFi operation records:

   • Captures of positions in protocols
   • History of swaps on DEXs (Uniswap, Sushiswap, etc.)
   • Staking and farming records

5. Calculations and methodology:

   • Spreadsheet or report showing how you calculated gains/losses
   • FIFO method application
   • Internal transfer reconciliation

Retention period: 6 years from declaration filing (4 years prescription + 2 years safety).

Important: If you didn't file Form 721, the period extends to 10 years.

Can I offset cryptocurrency losses with gains?

Answer: Yes, you can offset capital losses and gains, but with limitations.

Offset rules:

1. Within the same fiscal year:

   • You can freely offset gains and losses from the same year
   • Example: You gained €10,000 with BTC and lost €4,000 with ETH → Net gain: €6,000

2. Losses from previous years:

   • You can offset losses from up to 4 previous years
   • Limit: Up to 25% of gains each year (with exceptions depending on year)

3. Offset order:

   • First, gains and losses from the same year are offset
   • Then losses from previous years are applied (oldest first)

Practical example:

• 2023: You lost €20,000 with cryptocurrencies (didn't offset, carry forward)
• 2024: You gained €30,000 with cryptocurrencies
• 2024 offset: You can offset up to 25% of €30,000 = €7,500
• Result: You tax on €22,500 (30,000 - 7,500)
• Pending losses: €12,500 (20,000 - 7,500) to offset in following years

Important: To apply the offset, you must have correctly declared losses at the time. You can't "invent" losses from previous years.

What happens if I received an airdrop or cryptocurrency fork?

Answer: It depends on the type of airdrop/fork.

Airdrops:

1. Free airdrop without prior activity:

   • Example: You received tokens just for having a wallet
   • Taxation: Movable capital income when received
   • Value: Market price of token at airdrop time
   • Declared on Form 100, capital income boxes

2. Airdrop for activity (Rewards):

   • Example: You received tokens for using a protocol, providing liquidity, etc.
   • Taxation: Movable capital income
   • Some cases may be considered economic activity income

3. Later sale of airdrop:

   • When you sell airdrop tokens, it generates capital gain/loss
   • Acquisition cost: The value you declared when received

Forks (blockchain splits):

• Example: You had Bitcoin and received Bitcoin Cash after the 2017 fork
• AEAT criterion: Doesn't tax at fork time (no capital increase, you just have two assets where before you had one)
• Taxation: When you sell the forked coins
• Problem: How is acquisition cost split between original and forked coin? Criterion: Proportionally to market value at fork time

How does cryptocurrency staking tax?

Answer: Staking taxes as movable capital income on Form 100.

Taxation moment:

You must tax when you receive staking rewards, not when you sell them.

Example:

• You stake 10 ETH on Ethereum 2.0
• During 2024 you receive 0.5 ETH rewards
• ETH price when you received rewards: €2,000 average
• Taxation: 0.5 × €2,000 = €1,000 movable capital income
• You declare it on Form 100, capital income boxes

Later sale of rewards:

When you sell those 0.5 ETH you received from staking:

• If you sell them for €2,500
• Acquisition cost: €1,000 (what you declared when received)
• Capital gain: €2,500 - €1,000 = €1,500
• Declared in capital gains of Form 100

Important: They tax twice:

1. As income when you receive rewards
2. As capital gain when you sell them (if they increase in value)

This is not technically "double taxation", they're two different taxable events.

Error 1: Not filing Form 721 due to ignorance

The most costly error. Many taxpayers with cryptocurrencies on foreign exchanges are unaware of Form 721's existence or believe it's only for bank accounts.

Consequence: Minimum penalties of €10,000 and prescription extension to 10 years.

Solution: If you have more than €50,000 in crypto on foreign exchanges or wallets, file Form 721 before March 31.

Error 2: Thinking converting to stablecoin doesn't tax

Very frequent error: "I sold Bitcoin and converted it to USDT to protect from volatility, but since I didn't convert to euros, I don't tax."

Reality: BTC → USDT is an exchange between cryptocurrencies that generates capital gain or loss.

Consequence: Undeclared gains that AEAT can discover and penalize.

Solution: All conversions between cryptocurrencies tax, including conversions to/from stablecoins.

Error 3: Not reconciling internal transfers

Error: Transferring crypto between your own exchanges/wallets and calculation software counting it as:

• Sale on exchange A + Purchase on exchange B
• Creating phantom gains or losses

Consequence: Incorrect declaration, paying more or less taxes than due.

Solution: Identify and label all internal transfers so they're not counted as taxable operations.

Error 4: Not correctly applying FIFO method

Error: Calculating gains using cost of last purchased cryptocurrencies (LIFO) instead of first (FIFO).

Consequence: Incorrect capital gains calculation.

Error example:

• January 2024: You buy 1 BTC at €35,000
• June 2024: You buy 1 BTC at €55,000
• December 2024: You sell 1 BTC at €60,000

INCORRECT calculation (LIFO):

• Gain = €60,000 - €55,000 = €5,000 ❌

CORRECT calculation (FIFO):

• Gain = €60,000 - €35,000 = €25,000 ✅

Solution: Use software that correctly applies FIFO or professional service.

Error 5: Not declaring airdrops and forks

Error: Thinking tokens received "free" from airdrops don't tax.

Reality: Airdrops tax as movable capital income when received.

Consequence: Undeclared income.

Solution: Record all airdrops you receive, their value when received, and declare it as capital income.

Error 6: Confusing Form 721 and Form 100 deadlines

Error: Thinking Form 721 is filed in April-June together with income tax.

Reality: Form 721 is filed in January-March, while Form 100 is filed in April-June.

Consequence: Late filing of Form 721 with minimum penalty of €10,000.

Solution: Mark on your calendar:

• January-March: Form 721 (if you have >50k in crypto abroad)
• April-June: Form 100 (income tax) and Form 714 (wealth, if applicable)

Error 7: Not keeping supporting documentation

Error: Not keeping exchange statements, blockchain records, or operation receipts.

Consequence: If AEAT requires documentation and you can't justify your operations, it may:

• Presume your cryptocurrencies are undeclared capital gains
• Apply maximum marginal rate without allowing offsets
• Penalize for insufficient documentation

Solution: Keep all documentation for at least 6 years (10 years if you didn't file Form 721).

Error 8: Blindly trusting automatic software

Error: Using CoinTracking, Koinly or other tools and assuming the result is correct for AEAT.

Reality: These tools:

• Aren't specifically adapted to AEAT criteria
• Don't correctly distinguish income types according to Spanish regulations
• Don't automatically calculate Form 721 or 714
• Have high error rates in complex DeFi operations

Consequence: Incorrect declaration that may result in penalties.

Solution: Use these tools as a database, but review the result with a professional specialized in Spanish crypto taxation before filing.

Cryptocurrency taxation in Spain is complex, with three different forms (100, 721 and 714), different deadlines, and penalties that can exceed €150,000.

Summary of obligations:

✅ Form 100 (IRPF) → Almost always required if you operate with crypto

• Deadline: April-June
• Declare: Capital gains/losses, capital income, economic activity income

✅ Form 721 → Required if you have >€50,000 in crypto abroad

• Deadline: January-March
• Declare: Balance at 31/12 on foreign exchanges and wallets
• Penalties: Minimum €10,000, up to 150% of balance

✅ Form 714 (Wealth) → Required if wealth >€2M or foreign assets >50k

• Deadline: April-June
• Declare: All wealth (including crypto)

Most costly errors:

1. Not filing Form 721 (minimum penalty €10,000)
2. Thinking conversions to stablecoin don't tax
3. Not correctly applying FIFO
4. Confusing filing deadlines
5. Not keeping supporting documentation

Need professional help with your crypto declarations?

At Cleriontax we are specialists in cryptocurrency taxation in Spain. Our team of experts handles:

✅ Preparing your Form 100 with all crypto operations correctly classified ✅ Calculating and filing Form 721 if you exceed thresholds ✅ Managing Form 714 including your crypto assets ✅ Correctly applying FIFO and reconciling internal transfers ✅ Generating complete supporting documentation for possible AEAT requirements ✅ Tax optimization offsetting losses and applying corresponding deductions

Don't risk penalties of up to €150,000 for errors in your declarations. Contact us → for a personalized assessment of your case.

Act now: If you have crypto operations from 2024 and need to file Form 721 before March 31, 2025, or if you forgot to file it in previous years, contact immediately to minimize risks and penalties.