A tax return is the yearly report in which you tell Skatturinn, the Icelandic tax authority, about last year's income and your assets and debts at year end. Taxes and charges are assessed on the basis of the return. Individuals file it online on Skatturinn's service site, skattur.is, with electronic ID (rafræn skilríki) or a web key (veflykill). The Icelandic term is skattframtal.
When is it filed?
The return is filed once a year, usually in March, for the previous year's income. In 2026, filing opened on 27 February and the deadline was 13 March. Individuals could not apply for an extension, but accountants and bookkeepers filing for clients had until 15 April. Tax is assessed at the end of May. Skatturinn announces each year's deadlines on its website.
Crypto on the tax return
The return comes pre-filled with information Skatturinn has received about income, assets and debts. You may still need to add income and assets that are not pre-filled.
According to Skatturinn's page on crypto (in Icelandic) and its 2026 guide to the tax return:
- Capital gainsCapital gainsThe profit from selling an asset for more than it cost you; for individuals in Iceland, gains on crypto are taxed as capital income. on crypto go in section 3.9, box 522. You show the calculation on an attachment.
- Crypto holdings go in section 4.4, box 15, at their market value at year end. This applies even if you sold nothing.
In the guide, Skatturinn publishes year-end rates for the main cryptocurrencies. Sections and box numbers can change between years, so check each year's guide.
What to keep in mind
Keep track of every purchase, sale and swap throughout the year. That makes it easier to find your cost basisCost basisWhat an asset cost you, meaning the purchase price plus commission. A capital gain is the sale price minus the cost basis. and work out the gain, which counts as capital incomeCapital incomeIncome that individuals earn from assets, such as interest, dividends and capital gains. Gains from selling crypto count as capital income..
Talk to your accountant or Skatturinn about your own situation, especially if you haven't declared crypto before.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.