(2023) When are capital gains from shares tax-free?

Given the record prices, many shareholders are considering taking profits, following the classic investment rule "Only realised profits are real profits". The question arises: Does the state earn a share?

Yes and no, it depends on when the shares were purchased:

• Since 1 January 2009, a flat withholding tax of 25 percent plus solidarity surcharge and, if applicable, church tax generally applies to capital gains from securities. However, this only applies if the securities were purchased after 2008.
• However, if you sell "old holdings" that were purchased before 1 January 2009, you can receive the capital gains tax-free without limit.

There is a small consolation for shareholders who entered the market after 2008: They can offset taxable capital gains against losses incurred in the past from shares purchased after 2008. And as long as the saver's allowance of 801 Euro/single (1.602 Euro/married) per year is not exhausted, investors can also receive capital gains from shares purchased after 2008 tax-free.

Also important to know: The "first in, first out" rule applies to the calculation of capital gains. This means: If an investor has purchased shares in a company several times and sells part of them, the tax office considers the shares bought first to be the ones sold first.