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🇮🇹 Italy
Your 2022 minusvalenze expire on 31 December 2026
An Italian capital loss can be set against gains in the four years following the year of the loss. After that it is simply gone — there is no extension, and no notice. A loss made in 2022 is usable through 2026 and dies on 31 December 2026.
Two things make this easy to get wrong: the pools do not mix, and the biggest category of gain most retail investors have — ETFs — cannot absorb these losses at all.
The expiry clock
| Loss year | Usable in | Expires |
|---|---|---|
| 2022 | 2023 – 2026 | 31 December 2026 |
| 2023 | 2024 – 2027 | 31 December 2027 |
| 2024 | 2025 – 2028 | 31 December 2028 |
Losses are used oldest first, so the vintage nearest expiry is consumed before one with years left. That is the right order, and it is what a correct calculation does automatically — but only if it knows the vintages, which means entering them.
The trap: redditi diversi vs redditi di capitale
This is the part that surprises people, and it is not a quirk of any particular broker — it is how the categories are defined.
| Gain on… | Category | Can minusvalenze offset it? |
|---|---|---|
| Individual shares, bonds, derivatives, certificates | Redditi diversi | Yes |
| ETFs and investment funds | Redditi di capitale | No |
A loss on an ETF is a reddito diverso and does go into the pool. A gain on an ETF is a reddito di capitale and cannot be reduced by it. The asymmetry is deliberate and it is why a portfolio of nothing but ETFs can accumulate minusvalenze it will never be able to use.
If your only holdings are accumulating ETFs, carried-forward losses have nothing to offset. Certificates and individual shares are the common instruments used to absorb them — which is a decision for you and your commercialista, not something this page recommends.
Two pools that never mix
- Sezione II — securities, ETFs, derivatives. Prior losses in RT13, unused remainder carried through RT93.
- Sezione V — cripto-attività. Prior losses in RT43, unused remainder carried through RT105.
A crypto loss cannot reduce a share gain, and a share loss cannot reduce a crypto gain. Both pools run on the same four-year clock, so both can expire on the same 31 December while being unusable against each other.
Why the boxes are so often left blank
RT13 and RT43 are for losses coming in from earlier years. Nothing populates them automatically: under the regime dichiarativo a foreign broker withholds no Italian tax and keeps no record of your prior returns, so the figures have to come from you.
Leaving them blank does not trigger any error. It just means you pay 26% on gains you were entitled to offset. The amounts are on your previous Modello Redditi PF, in RT93 and RT105.
What Tax-Wizard does
Enter your prior-year minusvalenze by year and pool, and Tax-Wizard applies them oldest-first within the four-year window, keeps Sezione II and Sezione V separate, fills RT13 and RT43, and shows the working — which vintage was consumed, what is left of each with its expiry date, and anything already outside the window.
It also flags a vintage expiring this 31 December, so it is visible before the year ends rather than after.
Full detail in the Italy tax guide. Note the separate deadline: the Modello Redditi PF itself is due 31 October.
📚 Sources
- [S1] TUIR art. 68 — plusvalenze e minusvalenze, four-year carry-forward (comma 5): normattiva.it – TUIR
- [S2] TUIR art. 67 — redditi diversi di natura finanziaria, incl. comma 1 c-sexies (cripto-attività): normattiva.it – TUIR
- [S3] TUIR art. 44 — redditi di capitale (the category ETF and fund gains fall into): normattiva.it – TUIR
- [S4] Agenzia delle Entrate — Modello Redditi Persone Fisiche, Quadro RT and instructions: agenziaentrate.gov.it – Redditi PF
- [S5] Agenzia delle Entrate — Circolare 30/E del 27 ottobre 2023, taxation of cripto-attività: agenziaentrate.gov.it – Normativa e prassi
Last updated: 22 August 2026. General information for Italian residents using foreign brokerage accounts under the regime dichiarativo — not individual tax advice. Verify your position against the official Quadro RT instructions or with a commercialista before filing.
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