Coinmotion enters partnership with taxation expert ElmoX

Share this article:
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
elmo_vaaka

Bitcoin’s upcoming block reward halving, also known as “the halvening”, is approaching and stirring discussion on the markets. At the same time stock market development, different stimulus packages and the covid-19 virus keep the news and market situation interesting.

Amidst all this it’s good to remember one thing investors must face sooner or later when things go well: paying your taxes. In Finland the taxation of virtual currencies has seen some changes in the past years, whereby it is now possible to deduct losses and use assumed acquisition costs in taxation.

Tax declaration deadline approaches

The due date for declaring your taxes in Finland is inevitably approaching , as the declarations should be sent in MyTax (OmaVero) during either the 5th, 12th or 19th of May. Since we at Coinmotion want to ensure you get the best benefits as a customer, we have started cooperating with the Tampere-based virtual currency taxation expert ElmoX Oy. The founder of the company is Elmo Koivunen:

“I am Elmo Koivunen, the CEO and tax expert at ElmoX Oy. I started working with virtual currency taxation in 2017 and founded a company for this purpose in 2018 while being mentored by Miika Härkönen of Tax Fenix as part of my business administration degree. In 2017-2018 I was a shareholder of a company focused on Ethereum mining, and this project provided valuable experience both in terms of entrepreneurship and mining taxation. In the past two years I have worked with different tax-related matters and represented customers in tax inspections. Mainly I have focused on capital gains calculations and optimizing taxation for the benefit of customers.”

In addition to the aforementioned things, the FIFO (first in, first out) rule currently applies to virtual currency taxation. Koivunen believes this feature can generate notable tax savings when used correctly:

“I have listed below a few things that are good to know: Assumed acquisition costs can be used with virtual currencies and losses are deductible based on the SAC 42:2019 ruling. So if you have had any losses, for instance during the year 2018, it’s worth inspecting the amount. Losses in 2018 are very likely if you’ve done purchases at the end of 2017 or beginning of 2018 and exchanged virtual currencies after that. In case you’ve used several exchanges, Coinmotion’s Vault feature, or have other external wallets such as a Ledger Nano, it’s worth checking the fifo-lines for interpretation. With this interpretation I have managed to create significant tax savings for my customers.”

“The standardization guideline by the Finnish Tax Administration also enables to start taxing trades between virtual currencies from 1.1.2018 onward instead of 29.5.2018. I think this option should be examined, since I’ve managed to use it to turn profitable tax years into unprofitable for my customers (regarding the tax year 2018).”

Coinmotion and ElmoX in cooperation

Coinmotion’s Head of Private Banking Sami Kriikkula comments on the partnership:

“It’s very great to start cooperating with Elmo. His firm expertise and desire to help customers will certainly be useful in this market, which is relatively fresh and evolves constantly. We want to offer support for our customers in many virtual currency-related matters and improve our services. We have noticed taxation causes headaches for many and believe this new cooperation can provide additional value for customers. We also appreciate Elmo’s insight about developing customer-specific capital gains reports in the future. With this partnership we can provide an ever broader service selection to be used by our customers.”

Since every customer is unique, ElmoX offers individual counseling regarding virtual currency taxation. ElmoX provides the opportunity to contact the company free of charge, whereafter the customer can decide to enter an agreement before any billing starts.

“If you think your taxation from earlier years should be re-examined or want to count your taxation for virtual currencies in 2019, please contact me. I offer all my customers the opportunity for a free contact and review of the situation. An assignment contract is only born after I’ve examined the exchange data and we’ve reached an agreement about the assignment’s price. So you can contact me without any fear of immediate billing.”

“I recommend you watch a video (in Finnish) on Konsensus ry’s YouTube channel, in which I am talking about taxation as an expert. The link can be found here.”

Additional support from our Private Banking service

Aside normal exchange services, Coinmotion also provides its customers private banking services, where you can assess your situation with a personal asset manager or trade altcoins. On top of all aforementioned services ElmoX offers all Coinmotion’s Private Banking customers targeted customer benefits. Don’t hesitate to take contact if you want additional information about Coinmotion’s Private Banking.

Elmo Koivunen concludes by sending greetings to Coinmotion’s customers regarding tax deductions:

“My rewards can be deducted in taxation from your capital income. So if you buy services from me in 2020, it is deductible in this year’s taxation. Let’s be in contact and put your tax matters in order!”

Related articles
Start the discussion
guest
0 Comments
Inline Feedbacks
View all comments
coinmotion logo

Not a Coinmotion user yet?
Sign-up for a free account right now!

Follow Coinmotion on Twitter for the latest news!

 

Tilaa uutiskirjeemme
Haluatko kuulla ensimmäisten joukossa tuoteuutuuksistamme, saada super hyper erikoistarjouksia sekä oppia kryptovaluuttasektorista lisää eksklusiivisten markkinaraporttiemme kautta? Haluaisimme lähettää sinulle sähköpostia silloin ja tällöin – ei kuitenkaan liian usein – eli jos haluat päästä etuihin kiinni, täytä tietosi alapuolelle. Pysytään yhteyksissä! Oletko jo Coinmotionin käyttäjä? Voit muuttaa tilaustasi myös tilin asetuksissa.
Tilaa uutiskirjeemme täyttämällä tietosi
Lisätietoja tietojen käsittelystä löydät tietosuojalausekkeestamme
Suscríbete al boletín de noticias de Coinmotion
¿Quieres ser el primero en enterarte de nuestras novedades, recibir ofertas mega buenas y aprender más sobre el sector de las criptomonedas a través de informes exclusivos de mercado? Nos gustaría enviarte un email de vez en cuando – no demasiado a menudo – así que por favor rellena tus datos abajo. ¡Estamos en contacto! ¿Ya eres usuario de Coinmotion? Puedes gestionar tu suscripción a través de la configuración de la cuenta.
Suscríbete ahora rellenando tus datos aquí
Responsable del fichero: Coinmotion Oy. Finalidad: envío de información sobre productos y servicios propios al suscrito. Legitimación: consentimiento. Destinatarios: No se comunicarán los datos a terceros. Derechos: acceder, rectificar y suprimir los datos, así como otros derechos, como se explica en la información adicional. Puede consultar información adicional y detallada en nuestra Política de Privacidad.
Subscribe to Coinmotion Newsletter
Would you like to be the first one to hear about our product updates, receive super hyper special offers and learn more about cryptocurrencies through our exclusive market reports? We are happy to send you an email every now and then – not too often – so please fill your information below. Let’s stay in touch! Are you already a Coinmotion user? You can also manage your subscription via account settings.
Subscribe now by filling your details here
Responsible for the file: Coinmotion Oy. Purpose: sending information about own products and services to the undersigned. Legitimation: consent. Recipients: The data will not be communicated to third parties. Rights: access, rectify and delete data, as well as other rights, as explained in the additional information. You can consult additional and detailed information in our Privacy Policy