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Losses, the 2025 step-up, intermediaries and the tax return
The module’s worked examples, then cases to attempt before revealing their solution · 4 sections · 331 words · 4 min
Worked example
A loss used up over three years
In 2025 Chiara realises 6,000 euros of losses on crypto-assets and reports them. In 2026 she gains 2,000 euros: no tax, 4,000 euros remain. In 2027 she gains 1,000 euros: no tax, 3,000 euros remain. The balance can still be used in 2028 and 2029, the fourth year after 2025; from 2030 it is lost.
Worked example
Two baskets that do not talk
In 2026 Roberto realises 5,000 euros of crypto gains and 5,000 euros of losses on shares. He cannot net them: he pays 5,000 × 33% = 1,650 euros on the crypto-assets and carries the share loss forward, to use against future gains on securities within the fourth following year.
Worked example
What changes for someone who stepped up
On 1 January 2025 Laura held crypto-assets bought for 5,000 euros and worth 20,000 euros. She stepped up, paying 20,000 × 18% = 3,600 euros. In 2026 she sells for 26,000 euros: the gain is 26,000 − 20,000 = 6,000 euros and the tax 6,000 × 33% = 1,980 euros. Without the step-up she would have paid 21,000 × 33% = 6,930 euros.
Practical case
Davide's mixed portfolio
Davide reports his own income. His 2025 return showed 4,000 euros of crypto losses and 3,000 euros of share losses. In 2026 he makes 10,000 euros of gains selling cryptocurrencies and 1,000 euros of gains selling non-qualifying shares. How much substitute tax does he pay on 2026, and which losses remain to carry forward?
Hint: Each loss can only be used within its own basket. The crypto basket is taxed at 33%, the shares basket at 26%.
Show the solution
Crypto-assets: 10,000 − 4,000 = 6,000 euros; tax 6,000 × 33% = 1,980 euros. Shares: the 1,000 euro gain is fully absorbed by the 3,000 euro share loss, so the tax is zero and 2,000 euros of securities losses remain, usable until the fourth year after 2025. The crypto losses are used up.
Answer: 1,980 euros, with 2,000 euros of share losses still to carry forward
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