IRS 2024 filing begins soon. We've already sent out our filing invitations — if you didn't receive one (or want to be added to the list), let us know. Below is a concise checklist to speed up processing and avoid last-minute stress, plus two regulatory updates you should be aware of before you submit.
File Early for a Faster Response
Those who file early are more likely to receive a response before the end of June. Late filings tend to face significantly longer processing times — in some cases well into the summer.
Keep a Full Trade Log Outside Modelo 3
Modelo 3 captures minimal trade detail. Maintain your own detailed spreadsheet with:
- Dates of each transaction
- Amounts and asset types
- Costs and fees paid
- Counterparties or platforms used
- Holding periods (for the 365-day exemption)
Free resource: We created a Crypto & Taxes IRS 2024 spreadsheet. Message us and we'll send it to you for free.
Request the spreadsheetSave Supporting Evidence
Retain the following in case Finanças requests proof:
Block explorers
Screenshots of on-chain transaction history
Tax software exports
E.g. Koinly reports, CoinTracker PDFs
Exchange reports
Annual transaction histories from all platforms
Holding period docs
Proof of acquisition dates for 365-day exemption
Evaluate Joint vs. Separate Filing
Run both simulations before submitting. Depending on income levels and deductions, filing separately can be more advantageous than filing as a family. The portal allows you to compare both scenarios before confirming.
Donate 0.5% of Your Tax to a Nonprofit
You may allocate 0.5% of your owed IRS to an eligible organisation at no extra cost to you — the amount comes out of what you already owe. See the official list of eligible entities on the Portal das Finanças.
View eligible organisations →New for IRS 2024: Report Assets in Tax Havens (Annex G1)
New obligation this year
For IRS 2024, you must report assets — including crypto — held in tax havens in Annex G1. This is a new requirement; missing it is a reportable omission.
Portugal maintains an official list of recognised tax havens. If any of your crypto assets are held on platforms or in jurisdictions on this list, they must be declared in Annex G1.
View Portugal's tax haven list →ESMA on USDT Under MiCA
USDT is not banned in the EU, but services that facilitate purchasing it now face restrictions under MiCA. In practice:
Permitted
Holding USDT in your wallet remains fully legal.
Restricted
Depositing to exchanges and finding USDT trading pairs will become more challenging.
IRS Filing Invitations
We've already sent invitations for IRS 2024 filing assistance. If you didn't receive one or want to be added to the list, reach out and we'll include you before filing opens.
Need Help?
Questions or need the free IRS 2024 spreadsheet? Reach out at cryptotaxesportugal.com and follow @cryptaxpt for ongoing guidance as filing opens.