Gifting Bitcoin in Austria: When You Must Report the Gift
Gifting Bitcoin in Austria: When the Gift Reporting Duty Applies
Giving 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 Euros
Gifts 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:
- spouses
- registered partners
- parents and children
- grandparents and grandchildren
- siblings
- uncles and aunts
- nephews and nieces
- cousins
- cohabiting partners as well as certain further relatives
Anyone who gives their child bitcoin worth 30,000 euros, and makes no further countable gifts in the relevant year, generally does not have to report that gift under section 121a of the Federal Fiscal Code.
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