€2,000 crypto exemption in Italy: timeline and rules
The annual non-taxability threshold of €2,000 for capital gains on crypto-assets in Italy was one of the most discussed and distinctive elements of the framework introduced by Legge di Bilancio 2023 (Legge n. 197/2022). However, the legislator subsequently repealed this threshold for transactions carried out from 1 January 2025. For anyone completing the tax return in 2026 (relating to tax year 2025), it is essential to understand exactly the effects of this legislative change in order to avoid calculation errors in Quadro RT or Quadro T.
What was the €2,000 exemption threshold and how did it work?
Introduced in article 67, paragraph 1, letter c-sexies) of the TUIR by the 2023 reform and clarified by Circolare n. 30/E of the Agenzia delle Entrate (§ 3.1), the threshold provided that:
Capital gains and other proceeds from crypto-assets would form part of the taxable base for the 26% substitute tax only if, over the entire tax period considered, the net algebraic sum of capital gains and capital losses was overall higher than €2,000.
The rule operated as an "all-or-nothing" mechanism (absolute exemption threshold) and not as a progressive deductible allowance:
- If the annual net gain was €1,990, no substitute tax was due and the amount did not have to be subjected to withholding in Quadro RT.
- If the annual net gain rose to €2,050, the threshold was exceeded: the 26% substitute tax applied to the entire amount of €2,050 (equal to €533 of tax), and not only to the €50 excess.
The threshold operated exclusively for the calculation of tax on miscellaneous income: it in no way exempted from tax-monitoring obligations in Quadro RW or from payment of the 0.2% IVCA wealth tax.
When was the exemption threshold abolished?
With the legislative revision approved in Legge di Bilancio 2025 (Legge n. 207/2024), the €2,000 exemption threshold was definitively repealed with effect from 1 January 2025. The chronology of legislative interventions is as follows:
- Tax years 2023 and 2024: The €2,000 exemption threshold is fully valid and effective for all disposals and realizations concluded by 31 December 2024.
- Tax year 2025 (2026 return): The exemption threshold is repealed. Any capital gain realized from 1 January to 31 December 2025 is subject to tax from the first euro of gain.
- Tax year 2026 onwards: Full taxation of every euro of capital gain, with the ordinary rate at 33% (except retention of 26% for euro EMT tokens).
How are capital gains calculated in the 2026 return (2025 income)?
In the tax return to be filed in 2026 for tax year 2025, removal of the exemption threshold radically changes the filing approach:
- Taxation from the first cent: If in 2025 you realized an overall net capital gain of €100, you must report it in Quadro RT (or Quadro T of the 730) and pay 26% substitute tax (€26).
- No partial exemption: There is no longer any tax-relief bracket for small amounts or occasional transactions.
- Algebraic offsetting within the year: It remains always possible to offset capital gains realized in 2025 against any capital losses (losses) suffered in the same tax year. The 26% tax is calculated on the positive net differential.
What happens to capital losses (prior losses)?
A fundamental element that remains fully valid even after repeal of the exemption threshold is the discipline of capital-loss carry-forward (art. 68, paragraph 9-bis of the TUIR):
- If in a given tax year the algebraic sum of capital gains and capital losses shows a negative balance (losses exceed realized profits), the resulting net capital loss can be deducted from capital gains of the same nature realized in the following four tax periods.
- To use this future tax credit, the capital loss must be obligatorily certified and reported in Quadro RT of the tax return relating to the year in which the loss arose.
- If in 2024 or 2025 you recorded documented net losses, complete Quadro RT regularly to "crystallize" the credit and offset it against future gains in subsequent years.
Comparison table of temporal regimes
| Realization period | Status of the exemption | Rate on capital gains | Filing model |
|---|---|---|---|
| Until 31/12/2024 | In force (€2,000 absolute) | 26% (only on amounts > €2,000) | Redditi PF 2024 / 2025 |
| 01/01/2025 – 31/12/2025 | Abolished (tax from the 1st €) | 26% on the entire positive differential | Redditi PF 2026 / 730/2026 |
| From 01/01/2026 onwards | Absent | 33% ordinary (26% only euro EMT tokens) | Redditi PF 2027 / 730/2027 |
Official Agenzia delle Entrate sources
- Circolare n. 30/E del 27 ottobre 2023 (PDF AdE) — Original rules on the €2,000 exemption threshold (§3.1).
- Infoprecompilata — Quadro RT (AdE) — Clarifications on the effective date of the exemption for transactions through 31 December 2024 and repeal from 1 January 2025.
- Infoprecompilata — Quadro T (730) — Reporting of capital gains without exemption for taxpayers filing Modello 730.
- Istruzioni Fascicolo 2 — Modello Redditi PF 2026 (PDF AdE) — Completion of Sezione V-A of Quadro RT for Modello Redditi PF.
- Istruzioni Modello 730/2026 (PDF AdE) — Instructions for reporting financial income and adjustment of Modello 730.
The information in this article is for general literacy only. It is not tax, legal, financial, or accounting advice and does not replace Agenzia delle Entrate instructions or advice from a qualified professional for your circumstances. It must not be used to evade tax obligations. We make no warranty as to accuracy, completeness, or currency; rules and practice can change. Do not file returns or make decisions based solely on this text. RIXTO is not liable for loss arising from use of, or reliance on, this information.