Direct Austrian Bitcoin Sales Treated as Capital Gains Tax Events

Austria's tax authorities consider direct Bitcoin sales between private individuals to be subject to capital gains tax, just like trades through crypto exchanges. The tax rate for Bitcoin acquired after February 28, 2021 is 27.5 percent.

The taxable gain is calculated as the difference between the sale proceeds and the acquisition cost. For example, if someone bought 15,000 euros' worth of Bitcoin and later sold it directly to a private buyer for 30,000 euros, the taxable gain would be 15,000 euros.

In a direct sale, there's no automatic tax deduction by an Austrian crypto service provider, so the seller must document the taxable gain and declare it through their income tax assessment. It's also essential to record details of the sale, such as date, amount, agreed price, proof of payment, transaction ID, sender and recipient address, original acquisition cost, and any fees.

The tax rules for swapping Bitcoin for other cryptocurrencies are different: this is generally not a taxable disposal in Austria. The existing acquisition cost carries over to the new cryptocurrency received instead.