Gifting Bitcoin in Austria: When You Must Report the Gift

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Austria levies no general gift tax on bitcoin. Above certain value thresholds, however, a notification to the tax office can be required.Gifting Bitcoin in Austria: When the Gift Reporting Duty AppliesGiving bitcoin to your children, your partner or your friends does not trigger a general gift tax in Austria. A notification to the Austrian tax office may still be required.The Austrian Federal Fiscal Code provides for a reporting duty on lifetime gifts of certain assets. Alongside cash and shareholdings, that also covers intangible assets. Cryptocurrencies can fall into this category. What matters above all is the value of the gift and the relationship between the donor and the recipient. For Relatives, the Threshold Is 50,000 EurosGifts between relatives are generally free of any reporting duty as long as the fair market value of the gifts made by the same person within one year does not exceed 50,000 euros. The definition of a relative is drawn widely. It includes, for example:...