Taxation of Options in Germany
A comprehensive guide to the tax treatment of options profits in Germany.
Filing season · Last reviewed October 2026
Guides for your tax return
Since the 2024 Annual Tax Act there is no €20,000 cap on derivative losses any more, and since 1 January 2026 banks must apply that in their withholding too. What it means for option writers, for losses from 2021 to 2025 and for accounts at foreign brokers:
Capital Gains Tax (Abgeltungsteuer)
Profits from options trading are subject to the capital gains tax of 25% (plus solidarity surcharge 5.5% and possibly church tax). Total approx. 26.375%.
Saver's Allowance
Every investor has a tax-free allowance of €1,000 per year (€2,000 for married couples). Profits up to this amount are tax-free.
Loss Offsetting
Losses from options trading can be offset against gains from capital investments. Losses can be carried forward to the following year.
Reporting Obligation
German brokers automatically withhold taxes. With foreign brokers, profits must be declared in the tax return (Annex KAP).
Example Calculation
With a profit of €5,000 (after deducting the allowance of €1,000): €4,000 × 26.375% = €1,055 tax liability.
Tax Optimization
Use Exemption Order
Make sure you have set up your exemption order with your broker. This way, profits up to €1,000 (€2,000 for married couples) are automatically tax-free.
Carry Forward Losses
Your bank carries unused losses into the next year automatically. To offset them against gains at another bank, request a loss certificate by 15 December (§ 43a(3) EStG) and claim it in your tax return.
Optimize Loss Offsetting
Since the 2024 Annual Tax Act, losses from options and futures can be offset without limit against all capital income. Share losses remain limited to share gains (§ 20(6) sentence 4 EStG).
Use Multiple Brokers
With multiple brokers, you can split your exemption order (max. €1,000 total). German brokers automatically withhold taxes, with foreign brokers you must report yourself.
Important Dates
15 December
Request a loss certificate from your bank (§ 43a(3) sentence 5 EStG); 31 December: last trading day to realise gains or losses within the year
31 July
Filing deadline without a tax adviser (§ 149(2) AO); if it falls on a weekend, the next working day
Annually
German banks issue the annual tax certificate; foreign brokers do not, so you work the figures out yourself
Official Sources
- § 32d EStG – Separate tax rate for capital income
- § 20 EStG – Capital income & saver's allowance
- 2024 Annual Tax Act, BGBl. 2024 I No. 387
- BMF letter of 14 May 2025 on the flat-rate tax
- SolZG – Solidarity Surcharge Act
- BZSt – Federal Central Tax Office: Capital income
- BMF – Federal Ministry of Finance: Taxes
Important Notice
Last reviewed October 2026. This information does not constitute tax advice. Tax treatment may vary depending on individual circumstances.
For complex situations or high profits, we recommend consulting a tax advisor with expertise in securities trading.
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