Italy capital gains tax calculator: substitute tax, bonds and crypto
Italy taxes most capital gains with a flat 26% substitute tax that replaces IRPEF: no income interaction, no bands. Government bonds and white-list assets pay 12.5%, crypto pays 33% from the first euro since 1 January 2026, and property pays 26% only when sold within five years of purchase.
Work out the tax on a share, crypto or property disposal from your dates and costs. Enter sales by hand or import your broker and exchange CSVs, and the calculator switches the rate for government bonds, tests each property sale against the five-year window, exempts your main residence, applies the EUR 2,000 crypto exemption to years that still have one, and carries unused losses forward four years. Everything stays in your browser.
Rates current as of 2026-09-17, from the Agenzia delle Entrate’s plusvalenze di natura finanziaria page.
Current rules
The rates behind the number
The substitute tax by asset class
| Asset and rule | Rate |
|---|---|
| Shares, ETFs and funds, any holding period | 26% substitute tax |
| Italian government bonds and white-list assets | 12.5% |
| Crypto, through tax year 2024 | 26%, first €2,000 of the year's crypto gains exempt (franchigia) |
| Crypto, tax year 2025 | 26% from the first euro (franchigia abolished) |
| Crypto, from 1 January 2026 | 33% from the first euro |
| Property sold within five years of purchase | 26% |
| Property sold five years or more after purchase | Exempt |
| Main residence (main home for most of the holding period) | Exempt, whenever sold |
| Private vehicles and other personal-use wasting assets | Exempt |
IRPEF brackets 2026 (context only: never applied to gains)
| Taxable income | Marginal rate |
|---|---|
| €0 – €28,000 | 23% |
| €28,000 – €50,000 | 33% |
| €50,000 and over | 43% |
Tables show the figures from the authority page above, as at 2026-09-17. The IRPEF brackets are shown for context only: the substitute tax on gains replaces IRPEF, so those rates never change the calculator’s result.
Questions
Italy capital gains questions
How does the substitute tax work?
Gains on shares, ETFs, funds, bonds, crypto and some property are taxed by a substitute tax (imposta sostitutiva) that replaces IRPEF entirely: 26% of the net gain, whatever your income. Work out each sale as price minus purchase cost minus purchase and sale expenses, offset losses of the same year and those brought forward, then apply the rate. The return covering the year is filed with modello Redditi PF by 30 June of the following year.
When does the 12.5% rate apply?
Gains on Italian government bonds and white-list assets pay 12.5% instead of 26%. The white list is the Finance Ministry's list of states and international organisations whose bonds and similar instruments qualify. Mark the sale with the government-bond flag in the calculator and the rate switches for that row; everything else about the computation stays the same.
What changed for crypto in 2026?
The rate rose from 26% to 33% on 1 January 2026, and the EUR 2,000 franchigia had already gone: it applied through tax year 2024, and from 1 January 2025 crypto gains were taxable from the first euro at 26% (art. 1 c. 25, L. 207/2024). The rate follows the year of the disposal, so a sale in December 2025 and the same sale in January 2026 are taxed differently. Euro-referenced e-money tokens (e-EMT stablecoins) stay at 26%; the calculator does not separate them, so adjust those gains by hand.
How does the five-year property window work?
A property gain (plusvalenza immobiliare) pays 26% only when the sale happens within five years of purchase, counted in whole months from the purchase date. Sold five years or more after purchase, the gain is outside the tax entirely, however large. The gain itself is the sale price minus what the property cost you, minus purchase costs, sale costs and improvement works.
Is my main residence ever taxed?
No: the seller's main residence is exempt whenever it was used as the main home for most of the holding period, even when sold within five years. Renting it out or using part of it for business restricts the relief, and those periods need apportioning by hand. Tick the main-residence box on the sale row and the sale is excluded from the tax.
How long do losses carry forward?
Losses offset gains of the same year first, across every asset class on the substitute-tax schedule. Whatever you cannot use carries forward and stays usable against gains of the following four years; after that it expires. Enter brought-forward losses in section 3 and they are applied before the crypto exemption.
What about qualified holdings?
A holding of more than 2% of a listed company, or 20% of an unlisted one, kept for more than three years is a qualified holding (partecipazione qualificata): only 40% of the gain is taxable (49.72% for unlisted qualified holdings), roughly halving the effective rate. The calculator does not apply this exemption because it cannot see your holding percentage; it warns when a single shares sale is very large.
Which gains fall under the substitute tax?
Financial gains are taxed by a substitute tax outside IRPEF: 26% on most assets, 12.5% on Italian government bonds and white-list assets. Mark a sale with the bond flag to switch.
What else sits alongside the substitute tax?
Losses offset same-schedule gains within the following four years; IVAFE and the 0.2% stamp duty on trades are separate.
Is there a tax on the trades themselves?
Tobin tax on trades (0.4% on Italian equity buys from 2026, 0.04% HFT) is a transaction tax, not a gains tax.