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You invest in securities, funds or crypto-assets, including through foreign intermediaries

Investing and declaring financial income

Understand how interest, dividends, capital gains and crypto-assets are taxed, compute the tax on each and the offsetting of losses, estimate the stamp duty on the securities account and IVAFE on foreign accounts, then declare what the intermediary has not already taxed: 10 steps.

Start here: Taxing financial income in Italy: interest, dividends and capital gains

Understand: capital income and other income, crypto-assets

  1. Step 1 of 10
    CourseFree40 min

    Taxing financial income in Italy: interest, dividends and capital gains

    Why Italian interest and dividends are taxed at 26% on the gross amount and never offset by losses, how a capital gain is computed, the reduced 48.08% base on government bonds and the four-year loss carry-forward. Then the three regimes, self-reported, administered and managed, with section RT of the Redditi return. Two modules with case studies, 2026 rules.
  2. Step 2 of 10
    CourseFree39 min

    Crypto-assets and Italian tax: gains, losses and reporting

    Which crypto transactions create taxable income in Italy, how the gain is computed and why, without proof of cost, you pay on the whole sale price. The 33% rate from 2026, 26% for euro tokens, the end of the 2,000 euro allowance. Then losses, the step-up at 1 January 2025, intermediaries and sections RT and RW. Two modules with case studies, 2026 rules.

Compute: government bonds, dividends, capital gains, crypto, stamp duty, IVAFE

  1. Step 3 of 10
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    Tax on Italian government bond interest — work out the 12.5 % tax and your net income

    Interest on Italian government bonds and equivalent securities, received by an individual resident in Italy, bears a 12.5 % substitute tax: out of 1,000 euros of gross coupons you keep 875. Other bonds and deposit accounts are taxed at 26 %: on the same 1,000 euros you keep 740.
  2. Step 4 of 10
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    Italian dividend withholding tax — work out the tax and what you receive

    Profits paid by a company subject to IRES to an individual resident in Italy, on both substantial and non-substantial holdings, bear a 26 % withholding tax that settles the tax in full: out of a 10,000 euro gross dividend you receive 7,400. No tax is withheld if you declare that the profits relate to your business.
  3. Step 5 of 10
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    Italian capital gains on financial assets — work out the 26 % substitute tax and loss offsetting

    Gains on non-substantial shareholdings, bonds and other financial instruments bear a 26 % substitute tax, after netting them against the year's losses. For Italian government bonds and bonds of white-list states only 48.08 % of the gain counts: on a 10,000 euro gain on BTPs you pay 1,250.08 euros, about 12.5 %. Excess losses can be carried forward for up to four tax years, provided they are reported in the return.
  4. Step 6 of 10
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    Tax on crypto-assets in Italy — work out the 33 % substitute tax on your gains

    From 1 January 2026, gains on crypto-assets bear a 33 % substitute tax with no tax-free allowance: on a 5,000 euro gain you pay 1,650 euros. E-money tokens pegged to the euro stay at 26 %. If you cannot document the purchase cost with clear and precise evidence, the cost is taken as zero; losses can only be offset against crypto gains and carried forward for up to four years.
  5. Step 7 of 10
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    Italian stamp duty on securities accounts — the 2 per thousand

    Statements covering shares, bonds, funds, deposit accounts and other financial products bear stamp duty of 2 per thousand a year of their market value: 100 euros on a 50,000 euro portfolio. There is no minimum. For companies and other entities the duty never exceeds 14,000 euros a year; for individuals there is no cap. Postal savings bonds are exempt if their total redemption value does not exceed 5,000 euros.
  6. Step 8 of 10
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    IVAFE — work out the Italian tax on financial assets held abroad

    IVAFE is 2 per thousand of the value of financial products held abroad, in proportion to your share and how long you held them: 100,000 euros held all year costs 200 euros, or 400 in a preferential tax jurisdiction. Each foreign current or savings account costs a flat 34.20 euros instead, but nothing is due if the average annual balance with the same provider does not exceed 5,000 euros.

File: RW schedule, Redditi Persone fisiche return

  1. Step 9 of 10
    FormFree45 min

    Italian section RW: tax monitoring of foreign investments and accounts

    Who must complete section RW of the Redditi PF return, when a foreign account is outside monitoring, how IVIE and IVAFE are computed, which tax codes to use and what changes with section W of the 730 — guide, deadlines and worked example.
  2. Step 10 of 10
    FormFree90 min

    Italian income tax return: Redditi Persone fisiche form

    Online from 15 April to 2 November 2026 for tax year 2025: who must use the Redditi PF form (business, self-employment, non-residents, heirs), when the 730 is enough, which tools to complete it with and how the taxes are paid — guide, deadlines and worked example.

The other paths

A different procedure, the same principle: the three pillars in order.

Read in Italian