Austria's Gift Tax on Bitcoin: Reporting Requirements for Donors

According to Austrian tax law, gifts of Bitcoin are generally not subject to taxation. However, there is a reporting requirement when certain thresholds are exceeded.

The Federal Fiscal Code in Austria stipulates that lifetime gifts of assets worth more than €50,000 to relatives must be reported. Relatives include spouses, registered partners, parents and children, grandparents and grandchildren, siblings, uncles and aunts, nephews and nieces, cousins, cohabiting partners, and other specified family members.

For non-relatives, the threshold is lower at €15,000 over five years. If gifts from the same person to the same recipient exceed this amount, they must be reported.

The value of the gift is determined by its fair market value at the time of transfer. This can usually be established using the market price on the day of the gift for tradable Bitcoin. The Ministry of Finance advises documenting the date and time of transfer, the amount given away, the Bitcoin price used, the euro equivalent, wallet addresses, transaction ID, and the relationship between donor and recipient.

Failure to report gifts exceeding these thresholds can result in penalties under fiscal criminal law. A deliberate failure to report can incur a fine of up to 10% of the fair market value of the gifted assets. It's essential for taxpayers to document their gifts accurately to avoid potential issues when selling the coins or determining taxable gains.