Guide to Navigating and Understanding Your Tax Report (Norway)

Introduction

Welcome to this guide on understanding and navigating your tax report. It is designed to explain the structure of the report and help you interpret the data in a clear and practical way.

Section 1: Settings

Before generating your report, you can configure various settings that directly impact the calculation. These include country selection, reporting period, and calculation logic.

Accounting Method

CoinTracking provides multiple accounting methods:

• FIFO (First-In-First-Out): The first assets acquired are treated as sold first

• LIFO (Last-In-First-Out): The most recently acquired assets are treated as sold first

• HIFO (Highest-In-First-Out): The assets with the highest acquisition cost are treated as sold first

Each method has different tax implications.
FIFO is typically used in Norway, but the choice depends on your individual situation and applicable tax rules.

Automatic Depot Separation

• Automatically assigns deposits and withdrawals to specific exchanges or wallets

• Without this feature: all wallets/exchanges are treated as one combined portfolio

• With this feature enabled: each wallet/exchange is treated as a separate portfolio

This allows for more detailed tracking and evaluation of transactions.

Group by Day

• Groups purchases and/or sales by day instead of exact timestamps

• Useful if time zones were not recorded correctly during import

FIAT Warnings

• Displays a warning when assets are purchased in a foreign FIAT currency not configured in the account

Foreign FIAT PnL

• Enabled: Gains and losses from foreign FIAT currencies are treated like crypto gains/losses

• Disabled: Only EUR-based gains/losses are included in the report

Conversion

• All transactions must be converted into your FIAT currency at the time of the transaction

• This is required for accurate gain and tax calculation

Previous Trades

• Ensures that all prior transactions before the selected report period are included

• Required for correct cost basis calculation and overall accuracy

Tax Treatment of Unused Loans

• Default: Loans that are not used and later returned are treated as tax-neutral (zero proceeds)

• If disabled: gains/losses are calculated for these transactions

Tax Treatment of Liquidity Pool / Mining Transactions

• Transactions such as “Provide Liquidity” and “Return LP Tokens” can be treated as disposals

• This triggers gain/loss calculations in the tax report

Additional Settings

Each setting includes an “i” infobox with detailed explanations directly within the platform.

Section 2: Overview

The tax report classifies transactions based on Norwegian tax rules.

Core Tax Principles in Norway

• Cryptocurrencies are treated as capital assets, not currency

• All disposals are taxable events

• This includes:

  • Crypto-to-crypto trades

  • NFT-to-NFT trades

  • Wrapped token conversions

  • Sales to fiat

  • Payments using crypto

Every disposal is treated as a realization event, triggering either a taxable gain or deductible loss.

• Capital gains are taxed at 22%

• Losses are deductible

Wealth Tax

In addition to capital gains tax:

• Crypto holdings are included in net wealth calculations

• Value must be reported as of January 1 of the following year

• Wealth tax applies to net assets above 1,700,000 NOK

• Effective rate: approximately 1%–1.3%

Report Sections

The report is structured into the following categories:

1. Capital gains/losses from cryptocurrency and NFT trading

2. Other income

3. Non-taxable income

4. Other cryptocurrency and NFT payments

1. Capital Gains / Losses

Includes:

• Crypto trading

• NFT trading

• Derivatives, margin, and futures

Example

• Buy 1 BTC for 10,000 EUR

• Sell for 20,000 EUR
   → Gain: 10,000 EUR (Section 1.1)

Margin, Derivatives and Futures

• Classified as capital gains

Includes:

• Margin gain / loss

• Derivatives/futures gain / loss

• Margin fees

• Settlement fees

Example

• Profit: 1,000 EUR

• Loss: 500 EUR
   → Net gain: 500 EUR (Section 1.3)

2. Other Income

Income is taxed when:

• You gain control over the asset

• The value can be measured in FIAT

Includes:

• Income

• Reward / Bonus

• Staking

• Mining

• Airdrop

• Masternode

• Dividends income

• Lending income

• Interest income

• LP Rewards

• Other income

Example

• Staking reward: 0.5 BTC worth 20,000 EUR

• Airdrop: 100 EUR

→ Taxed as income at 22%, reported under Section 2.1

3. Non-Taxable Income

Includes:

• Income (non-taxable)

• Airdrops (non-taxable)

These must still be included in the report for transparency.

4. Other Cryptocurrency and NFT Payments

Reported separately due to different tax treatment:

• Incoming donations and gifts

• Outgoing donations and gifts

• Lost or stolen coins

• Commercial mining

• Minting

Taxable Transactions

Transactions typically triggering gains:

• Trade

• Spend

• Fees paid in crypto

• Remove liquidity

• Provide liquidity

Section 3: Transaction List

The Transaction List contains all transactions in detail:

Summary

• All crypto disposals in Norway are taxable events

• The report separates transactions into capital gains, income, and non-taxable categories

• Settings directly influence calculation results

• Norway applies:

  • 22% tax on capital gains and income

  • Wealth tax on total holdings above threshold

Disclaimer

This guide is for informational purposes only and does not constitute tax, legal, or financial advice. Tax laws may change. Please consult a qualified tax advisor for personalized advice.