Selling Bitcoin at an ATM: Tax Rules in Austria

Selling Bitcoin at an ATM: the tax duties Austrian users need to know

Bitcoin ATMs are usually associated with a quick and simple crypto purchase. Some machines, however, work in both directions: you can send bitcoin from your wallet to the operator and receive banknotes in return. In tax terms, that transaction amounts to more than a withdrawal from your own digital assets.

Anyone who sells bitcoin for euros at a machine in Austria generally realises a taxable event. For bitcoin acquired after February 28, 2021, the gain can be taxed at 27.5 percent. The taxable figure is the difference between the sale proceeds and the tax acquisition costs of the coins sold, rather than the full cash amount handed over.

Whether the ATM operator already withholds capital gains tax depends on its tax status and on how the transaction is settled. Where no correct withholding takes place, you generally have to work out the gain yourself and report it in your Austrian income tax return. A cash payout makes a bitcoin sale neither anonymous nor tax free.

… Continue reading the full article at the original source below.