Quadro RW and Quadro RT crypto in Italy: differences

The tax management of cryptocurrencies in the Italian tax return rests on two conceptually and legally distinct pillars: tax monitoring of assets held and taxation of miscellaneous income generated by disposal or use transactions. In the Modello Redditi Persone Fisiche, these two obligations correspond respectively to Quadro RW and Quadro RT (alongside Quadri W and T for taxpayers who file Modello 730). Understanding the difference between these two schedules is essential: completing one does not exclude or automatically absorb the obligations linked to the other.

What is the function of Quadro RW?

Quadro RW has as its institutional purpose the tax monitoring of foreign investments and foreign assets of a financial nature that may produce taxable income in Italy (art. 4 of D.L. n. 167/1990). Starting from the innovations introduced by Legge di Bilancio 2023 (Legge n. 197/2022) and clarified by Circolare n. 30/E of the Agenzia delle Entrate, the obligation expressly includes all crypto-assets. Specifically, Quadro RW fulfils two tasks:

1. Asset monitoring: Recording the holdings of assets held abroad, on non-resident exchanges or through decentralized storage instruments (such as hardware wallets or self-custody wallets with direct possession of private keys).
2. IVCA settlement: Calculating and settling the Imposta sul Valore delle Cripto-Attività, a wealth tax set at 2 per thousand per year (0.2%) on the overall value of assets held at the end of the tax period (or at the end of the holding period), prorated according to the actual days of possession.

The obligation to complete Quadro RW arises from the mere fact of holding cryptocurrencies, regardless of whether sale, swap or euro-conversion transactions were carried out during the year.

What is the function of Quadro RT?

Quadro RT is dedicated to reporting capital gains and other financial proceeds under article 67, paragraph 1, letter c-sexies) of the TUIR, subject to substitute tax. While Quadro RW photographs the asset balance, Quadro RT is activated exclusively upon the occurrence of a tax-relevant event that determines an economic realization:

• Disposal for consideration into fiat currency: Sale of Bitcoin, Ethereum or other tokens against euro, dollars or other legal-tender currencies.
• Purchase of goods and services: Direct use of cryptocurrencies as a means of payment for commercial transactions.
• Asymmetric exchanges: Swaps between tokens that do not have the same characteristics and economic functions, or conversions into stablecoins with a different legal nature.
• Financial proceeds: Recognition of income from the interest-bearing use of crypto-assets (such as staking rewards or DeFi interest).

Realized capital gains flow into Sezione V-A of Quadro RT, where they are offset against any capital losses of the same nature and subjected to the statutory rate (ordinarily 26% for realizations carried out by 31 December 2025).

How to compare Quadro RW and Quadro RT?

The two schedules differ in every operational respect: from the taxable premise to the calculation base, through to the equivalent provided for those who complete Modello 730.

Can the two schedules coexist in the same return?

Yes. In most practical cases, anyone who actively invests in cryptocurrencies will need to manage both obligations in the same tax period. Three typical situations may arise:

1. Only Quadro RW (or W): This is the profile of the so-called buy-and-hold investor. If you purchase cryptocurrencies and custody them on a foreign exchange or a cold wallet without ever selling or swapping them during the year, you will complete only the monitoring and settle the IVCA wealth tax, with zero rows in Quadro RT.
2. Both Quadro RW and Quadro RT (or W and T): This is the most common situation. You maintain a cryptocurrency portfolio at year-end (RW monitoring) and during the twelve months you carried out disposals, received euro sales or received taxable proceeds (RT reporting).
3. Only Quadro RT (or T): This can occur if you opened and fully closed your crypto positions during the year, realizing capital gains, and at 31 December you hold no asset or active foreign accounts to monitor.

Neither schedule exempts from the other: having paid the IVCA on holdings does not extinguish the debt on capital gains, and having reported capital gains does not cure the failure to complete tax monitoring.

What are the most common mistakes to avoid?

In interpreting the tax rules on crypto-assets, some frequent misconceptions recur:

1. Believing that "declaring cryptocurrencies" means filling in a single box: Confusing RW and RT often leads to omitting the income schedule when the asset schedule has already been completed, or vice versa.
2. Thinking that without sales nothing needs to be declared: Quadro RW does not require realization of a profit; mere availability of private keys or foreign accounts triggers the monitoring obligation and IVCA settlement.
3. Confusing IVCA with the substitute tax on capital gains: IVCA (0.2%) is a wealth levy analogous to stamp duty; the substitute tax (26% or 33%) is a levy on net gains actually realized. They are different taxes with different taxable bases.
4. Assuming that losses in value exempt from monitoring: If the portfolio has lost value, monitoring must still be filed valuing year-end holdings; any loss is not a deductible capital loss until it is concretely monetized through a sale (an RT-schedule event).

Official Agenzia delle Entrate sources

• Circolare n. 30/E del 27 ottobre 2023 (PDF AdE) — General interpretative framework on the taxation of crypto-assets.
• Infoprecompilata — Quadro RW (AdE) — Instructions for monitoring and settlement of the value tax (Modello Redditi PF).
• Infoprecompilata — Quadro RT (AdE) — Rules for reporting financial capital gains and losses (Modello Redditi PF).
• Infoprecompilata — Quadro W (730) — Tax monitoring and crypto-asset value tax in Modello 730.
• Infoprecompilata — Quadro T (730) — Miscellaneous financial income and capital gains in Modello 730.
• Istruzioni Fascicolo 2 — Modello Redditi Persone Fisiche 2026 (PDF AdE) — Technical specifications for completing Quadri RW and RT.
• Istruzioni Modello 730/2026 (PDF AdE) — Technical specifications for completing Quadri W and T.