The duty to file a PIT-38 - even without documents from your bank
Many investors believe that if they have not received a tax form from their broker or exchange, they do not need to file a tax return. This is one of the most serious and most common mistakes, and it can lead to severe consequences from the tax authorities. The tax law is unambiguous on this point - the absence of a PIT-8C form does not release a taxpayer from the obligation to report their income themselves.
This applies in particular to people investing through foreign brokers, investment platforms outside the European Union and cryptocurrency exchanges. As a rule, these entities do not issue Polish tax forms, which means the entire burden of a correct tax filing rests solely on the investor. This obligation includes gathering the full transaction history, converting foreign currencies, determining revenue and the costs of obtaining it, and reporting these amounts on the PIT-38 form.
The deadline for filing the PIT-38 for 2025 is 30 April 2026. Failing to file the return on time or omitting investment income may be classified as a fiscal offence or even a fiscal crime. It is therefore worth preparing a reliable tax filing well in advance and, in case of doubt, consulting a lawyer specialising in tax law.
How to correctly report stock market income on the PIT-38
The PIT-38 is the main document used to report income from the capital markets. It is used to report profits from the sale of shares, ETFs, exchange-traded bonds and derivatives such as CFD contracts or options. The tax base is the income, i.e. the difference between the sale proceeds and the costs of obtaining that revenue.
Deductible costs may include not only the purchase price of the assets but also brokerage commissions and other transaction fees directly related to acquiring the securities. The tax rate on capital gains is 19% and is commonly known as the Belka tax. The tax is calculated on income, not on revenue, which means that properly documenting costs is crucial to the amount of tax payable.
When reporting stock market investments, there are also important rules that many investors forget:
- The FIFO method (First In, First Out) - when selling securities of the same type, those acquired earliest are treated as sold first.
- Offsetting losses from previous years - a tax loss can be deducted over a period of up to 5 years, with a maximum of 50% of the loss deductible in any one year.
- Converting foreign currencies - for foreign investments, transaction values must be converted at the National Bank of Poland (NBP) average rate from the day before the transaction date.
- When the tax liability arises - the tax liability arises at the moment the assets are sold, even if the funds have not yet been paid out to the investor's bank account.
Knowing these rules allows you not only to complete your tax return correctly but also to legally optimise the amount of tax due.
Cryptocurrencies - separate reporting rules on the PIT-38
Reporting income from cryptocurrencies is subject to special rules that differ significantly from those for traditional financial instruments. Although cryptocurrency income is also reported on the PIT-38, the legislator has provided a separate method of calculating income for it, which requires particular care from the taxpayer.
When does a tax liability arise with cryptocurrencies?
The key point is that not every cryptocurrency transaction creates a tax liability. Tax is due only at the moment of so-called "cashing out" into fiat currency (e.g. PLN, EUR, USD) or when paying for goods or services with cryptocurrency. This means that exchanging one cryptocurrency for another (e.g. Bitcoin for Ethereum) does not give rise to a tax liability. This rule distinguishes Polish tax law from the regulations in many other countries.
Costs and losses - special rules
Income from cryptocurrencies is calculated as the difference between revenue and the acquisition costs. A significant simplification is the ability to carry forward unused costs to subsequent tax years. So if in a given year an investor incurred costs buying cryptocurrencies but did not sell them, those costs are not lost - they can be used in the future.
However, you must always remember one of the most important restrictions: cryptocurrency losses cannot be combined with income from other capital instruments, such as shares or ETFs. This means that a loss on the cryptocurrency market will not reduce a profit made on the stock exchange, and vice versa. This rule often surprises investors who diversify their portfolio across different asset classes.
The most common investor mistakes when filing the PIT-38
In practice, problems with reporting investment income most often stem from insufficient knowledge or neglect in keeping records. Below are the most common mistakes that can lead to serious tax consequences:
- Lack of complete transaction records - an unreliable or incomplete history of operations makes it harder to determine income correctly and, in the event of a tax audit, may result in the tax authority estimating your income.
- Omitting deductible costs - failing to include brokerage commissions, currency conversion fees or acquisition costs inflates the tax base and results in paying more tax than is due.
- Incorrect treatment of crypto-to-crypto exchanges - treating the exchange of one cryptocurrency for another as a taxable event results in an incorrect return.
- Ignoring the duty to file when there is no PIT-8C - the belief that the lack of a form from the broker removes the tax obligation is the most common cause of disputes with the tax authorities.
- Errors in converting foreign currencies - using the wrong rate or conversion date leads to an incorrect calculation of revenue or costs.
The consequences of these mistakes can be serious - from having to file a correction and pay late-payment interest, through fines under the Fiscal Penal Code, to the initiation of fiscal criminal proceedings where substantial amounts are involved. Tax authorities have increasingly sophisticated analytical tools and international information-exchange mechanisms, which means that detecting irregularities is a matter of time, not chance.
Don't take the risk - get professional legal help
Reporting income from stock market and cryptocurrency investments requires not only knowledge of tax law but also the ability to gather and analyse transaction documentation correctly. The complexity of the rules, especially for foreign investments and cryptocurrencies, means that the risk of making a costly mistake is significant.
If you invest on the stock market, use foreign brokers or trade cryptocurrencies, do not wait until the last day before the deadline. Contact our firm - our tax law specialists will help you file your PIT-38 correctly, identify all the deductible costs you are entitled to and protect your interests in the event of a tax audit. Professional advice is an investment that can protect you from far greater costs in the future.
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