Tax on Selling Gold in Germany
Physical gold held privately for more than one year can be sold tax-free in Germany. Sold within a year, the gain is a private sale (§23 EStG) taxed at your personal income tax rate, unless all your private-sale gains for the year total less than €1,000.
Facts checked 30 October 2026 · Not financial, legal or tax advice
At a glance
| What you sell | How the gain is taxed | Notes |
|---|---|---|
| Gold bars and coins held more than 1 year | Tax-free. | Losses after a year don't count either. |
| Gold bars and coins held 1 year or less | Income tax at your personal rate (not the 25% flat tax on investment income). | Tax-free if total private-sale gains in the year are under €1,000; at €1,000 or more the whole gain is taxed. |
| Gold-backed securities with a delivery claim (e.g. Xetra-Gold) | Treated like physical gold: tax-free after 1 year. | BFH rulings of 2015 and 2020; gold ETFs and warrants without a delivery claim are taxed differently. |
| Silver | Same one-year rule and €1,000 threshold. | Silver is bought with 19% VAT; investment gold is VAT-free. |
How gold gains are taxed
- Gold, silver and other precious metals are "other assets" under §23(1) no. 2 EStG: a sale is a taxable private sale only if no more than one year passes between purchase and sale. Count from the exact purchase date.
- Within a year, the gain (sale price minus purchase cost and selling costs such as dealer fees) is taxed as other income at your personal income tax rate, not the flat tax on investment income.
- The €1,000 limit (raised from €600 from 2024) is a Freigrenze, not an allowance: below it, gains are tax-free; once total private-sale gains for the year reach €1,000, all of it is taxed. It covers all private sales in the year, not only gold. Jointly assessed spouses each get their own limit.
- If the gold is used to earn income (for example, lent out for interest) in at least one calendar year, the holding period becomes 10 years.
- For inherited or gifted gold, the holding period of the previous owner carries over.
Reporting
- Report taxable private sales on Anlage SO with your income tax return.
- Dealers don't withhold tax when you sell physical gold; keep your purchase invoice to prove the date and price.
Losses
- Losses on sales within a year can only offset gains from private sales, not other income.
- Unused losses are carried back one year or forward to later years, again only against private-sale gains.
Tax on Selling Gold in Germany: FAQ
Is selling gold tax-free in Germany?
Yes, if you held the physical gold for more than one year. Within a year, the gain is taxed at your income tax rate unless all your private-sale gains for the year are under €1,000.
What is the €1,000 limit for private sales?
Since 2024, gains from private sales are tax-free if their total for the year is less than €1,000. It is a threshold, not an allowance: at €1,000 or more, the whole gain is taxable.
Is Xetra-Gold taxed like physical gold?
Yes. The Federal Fiscal Court ruled in 2015 that Xetra-Gold, which gives a right to delivery of gold, is tax-free after one year like physical gold. Gold ETFs and warrants without a delivery claim are taxed differently.
Sources (4)
General information about the rules for individual investors, checked October 2026. Tax depends on your circumstances and residence; check with the tax authority or an adviser. Not tax advice.