Taxation · Capital Losses (Moins-Values) · France

Offsetting and Carrying Forward Capital Losses (Moins-Values)

Q: What can I offset my capital losses against?

A disposal loss (moins-value de cession) may be offset only against capital gains of the same nature (même nature) realised in the same year. A loss on securities (valeurs mobilières) — equities, ETFs, UCITS — therefore offsets only against capital gains from disposal of securities, not against wages, rental income or any other income category. Any unabsorbed surplus is not forfeited: it becomes eligible for carry-forward (reportable) for 10 years.

Q: What happens if I do not declare a capital loss in the year it arises?

⚠ Capital losses are recognised only if they were declared in the year in which they arose. A loss omitted from the initial return is permanently forfeited and cannot be carried forward at a later date. Form 2074-CMV handles the multi-year tracking — it summarises the offsetting of gains and losses for the year and keeps track of prior-year carry-forward losses (moins-values en report) still eligible for use.

Q: Do losses on derivatives and crypto-assets follow the same rules?

No — there are three separate loss buckets (compartiments distincts). Losses on derivatives (produits dérivés) (Art. 150 ter) form a separate bucket: they are never offsettable against overall income, only against profits of the same nature, with a 10-year carry-forward. Capital losses on crypto-assets (actifs numériques) (Art. 150 VH bis) may only be offset against capital gains from disposal of digital assets in the same year — they benefit from no carry-forward to subsequent years.

A capital loss (moins-value) may only be offset against capital gains of the same nature (même nature), and any surplus carries forward for 10 years — provided it was declared in the year it arose. Here are the offsetting rules, the mandatory order to follow, and the three separate loss buckets (compartiments): securities, derivatives, and crypto-assets.

📅 Updated: 06/2026 · Legal basis: Art. 150-0 A & D, 150 ter, 150 VH bis CGI

1The Principle — offsetting only against capital gains of the same nature (même nature)

📋 Offsetting capital gains and losses (plus- and moins-values mobilières):

A disposal loss (moins-value de cession) may be offset only against capital gains of the same nature (même nature) realised in the same year. Concretely, a loss on securities may only be offset against capital gains from disposals of securities — not against wages, rental income or any other income category.

If the year's capital losses (moins-values) exceed the capital gains of the same nature, the surplus is not forfeited: it becomes eligible for carry-forward over the following 10 years (reportable sur les 10 années suivantes).

⚠ Common mistake: a loss on securities may never be offset against overall income. Offsetting is confined to the category "capital gains of the same nature". This ring-fencing by loss bucket (compartiment) is what distinguishes securities, derivatives and crypto-assets (see section 3).

Also read — taxation of capital gainsThe PFU (Flat Tax) — Equities & DividendsHow the net capital gain is taxed once capital losses have been offset

2The Offsetting Order and the 10-Year Carry-Forward (Report)

The offsetting order is mandatory: current-year losses (moins-values de l'année) are applied first, then carried-forward losses (moins-values en report) — oldest first (les plus anciennes d'abord). This order protects losses that are closest to the 10-year expiry date.

Illustrative example — loss offsetting in year N

Hypothetical amounts, for the purpose of illustrating the offsetting order only.

Capital gain of the same nature (même nature) — year Nbase to offset5 000 €

1️⃣ Current-year capital loss (moins-value de l'année N)offset first− 1 000 €

2️⃣ Oldest carried-forward loss (N−3)oldest first− 4 000 €

Net taxable capital gain5 000 − 1 000 − 4 0000 €

Remaining carry-forward (N−1)unused — still eligible for carry-forward up to 10 years2 000 €

💡 Why "oldest first"?
A carried-forward loss (moins-value en report) expires after 10 years. By offsetting the oldest losses first, we prevent them from lapsing before they have been used. More recent losses still have several years of carry-forward remaining.

3Three Separate Loss Buckets (Compartiments)

The offsetting and carry-forward rules differ depending on the type of asset. Three loss buckets (compartiments) must be tracked separately:

Category	Legal basis (CGI)	Offsetting	Carry-Forward
Securities & partnership interests (valeurs mobilières & droits sociaux) — equities, ETFs, UCITS	art. 150-0 A & D	Against capital gains of the same nature (même nature) in the same year	10-year carry-forward
Derivatives (produits dérivés) — options, futures, warrants, CFDs	art. 150 ter	Separate loss bucket (compartiment) — never against overall income, only against profits of the same nature	10-year carry-forward
Crypto-assets (actifs numériques) — disposal for euros or goods	art. 150 VH bis	Only against capital gains from disposal of digital assets in the same year	No carry-forward to subsequent years

⚠ Crypto-assets — no carry-forward: unlike securities and derivatives, a loss on crypto-assets (art. 150 VH bis) may only be offset against capital gains from digital assets in the same year. Any surplus is permanently forfeited: there is no carry-forward mechanism (aucun mécanisme de report) to subsequent years.

Special case — derivativesOptions, Futures, Warrants & CFDsArt. 150 ter: losses never offsettable against overall income

4Mandatory Declaration and Form 2074-CMV

⚠ Declaration mandatory in the year of realisation: a capital loss (moins-value) is recognised only if it was declared in the year in which it arose. A loss omitted from that initial return is permanently forfeited — it can neither be offset later nor carried forward. You must declare the loss even in years when you have no capital gains to offset.

Multi-year tracking relies on form 2074-CMV, which summarises the offsetting of gains and losses for the year and keeps track of prior-year carry-forward losses (moins-values antérieures) still eligible for use. The relevant forms:

Form	Purpose
2074	Detailed calculation of capital gains and losses (plus- and moins-values) from disposal of securities
2074-CMV	Multi-year tracking: offsetting of gains/losses and carry-forward of prior-year capital losses (moins-values en report)
2042	Income tax return — transfer of net capital gains/losses (plus- and moins-values) to the designated boxes

💡 Pro tip: keep a record each year of the exact amount of your carried-forward losses (moins-values en report) and the year in which they arose. Only then can the mandatory offsetting order (current year first, then the carry-forward stock — oldest first) be applied correctly before the 10-year expiry.

Also read — which forms to fileWhich Tax Forms to File?2042, 2074, 2074-CMV, 2086, 2047 and the IFU — the right form for each income type

Frequently Asked Questions

What can I offset my capital losses against?

A disposal loss (moins-value de cession) may be offset only against capital gains of the same nature (même nature) realised in the same year. A loss on securities (valeurs mobilières) — equities, ETFs, UCITS — therefore offsets only against capital gains from disposal of securities, not against wages, rental income or any other income category. Any unabsorbed surplus is not forfeited: it becomes eligible for carry-forward (reportable) for 10 years.

How does the 10-year carry-forward work?

Any surplus of capital losses (moins-values) that could not be offset against the year's capital gains is eligible for carry-forward for 10 years (reportable pendant 10 ans). The offsetting order is mandatory: current-year losses (moins-values de l'année) are applied first, then carried-forward losses (moins-values en report), starting with the oldest. This order prevents an old loss from expiring before it has been used.

What happens if I do not declare a capital loss in the year it arises?

⚠ Capital losses are recognised only if they were declared in the year in which they arose. A loss omitted from the initial return is permanently forfeited and cannot be carried forward at a later date. Form 2074-CMV handles the multi-year tracking — it summarises the offsetting of gains and losses for the year and keeps track of prior-year carry-forward losses (moins-values en report) still eligible for use.

Do losses on derivatives and crypto-assets follow the same rules?

No — there are three separate loss buckets (compartiments distincts). Losses on derivatives (produits dérivés) (Art. 150 ter) form a separate bucket: they are never offsettable against overall income, only against profits of the same nature, with a 10-year carry-forward. Capital losses on crypto-assets (actifs numériques) (Art. 150 VH bis) may only be offset against capital gains from disposal of digital assets in the same year — they benefit from no carry-forward to subsequent years.

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Matthias Sax — Active trader & fintech founder
Manages his own multi-asset portfolio and has first-hand experience tracking carry-forward capital losses (moins-values en report). This content is general information, not personalised tax advice.

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Education, Not Tax Advice

This content is general education — not tax or legal advice. For binding guidance, consult a qualified tax advisor. As of: 06/2026