Bitcoin Sold Without Austrian Tax Withheld: What to Do Next

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.Sold Bitcoin but no Austrian capital gains tax was withheld? That does not make the sale tax free. When investors have to declare the gain themselves at 27.5 percent.Bitcoin Sold Without Austrian Tax Withheld: What Investors Have to Do NextYou sold Bitcoin and the full amount landed in your account – with no 27.5 percent capital gains tax deducted. That does not automatically mean the sale was tax free. If no Austrian capital gains tax withholding agent was involved, Austrian taxpayers must generally report a taxable Bitcoin gain themselves through their income tax assessment. This applies in particular to sales through certain foreign crypto platforms, or to direct transactions with no Austrian withholding agent.27.5 Percent Applies Even Without a Tax DeductionThe missing automatic deduction does not generally change the tax rate. Taxable private income from cryptocurrencies is generally subject to the special tax rate of 27.5 percent in Austria.It can be collected in two ways:...