⚠️ Important disclaimer: This chapter provides a general overview. It does NOT replace advice from a qualified tax advisor. Tax laws change — the information presented here reflects the position as of April 2026.
🇩🇪 Germany
- Derivatives: Futures are classified as derivatives (§20 para. 2 sentence 1 no. 3 EStG)
- Withholding tax (Abgeltungssteuer): 25% + 5.5% solidarity surcharge + optionally 8–9% church tax = effectively 26.375%–27.995%
- Derivatives loss bucket (important!): Since 2021 a separate netting category. Losses from derivatives offset only gains from derivatives.
- €20k cap until 2023: Maximum annual netting limit of €20,000. A Federal Fiscal Court (BFH) ruling in 2024 declared this cap unconstitutional → since 2024 no cap; losses can be carried forward just like equities.
- KAP schedule: Report in the tax return (use broker tax certificate)
- Domestic brokers withhold Abgeltungssteuer directly; foreign brokers: self-assessment required
🇦🇹 Austria
- KESt 27.5% since 2016
- Speculation period abolished in 2012 — capital gains are taxable regardless of holding period
- Futures are treated as derivatives (Kapitalvermögen / investment assets)
- Loss netting within the current year against other capital gains automatically; loss carry-forward NOT possible (key difference from Germany)
- Domestic brokers deduct KESt automatically
🇨🇭 Switzerland
- Private investors: Capital gains are generally tax-free
- BUT: "Professional securities trading" (gewerbsmäßiger Wertschriftenhandel) (ESTV Circular No. 36) — five-criteria test:
- Holding period of securities (>6 months?)
- Transaction volume (>5× net assets per year?)
- Ratio to primary income (>50%?)
- Debt financing used?
- Leveraged derivatives (such as futures!)
- If deemed "professional" → income tax + AHV (social security) obligation
- Wealth tax on portfolio balance (cantonal, 0.1–1%)
⚠️ CH note on futures: Futures trading fulfils criterion 5 (leveraged derivatives) by definition → elevated risk of reclassification as professional trading.
🇺🇸 US Specifics — Section 1256 Contracts
Only relevant for US citizens, green card holders or US taxpayers.
- CME futures and index options fall under Section 1256
- 60/40 rule: 60% of gains/losses are treated as long-term capital gains, 40% as short-term — regardless of actual holding period
- Mark-to-market at year-end: Gains are treated as realised even if the position is still open
Broker Choice and Taxes
💡 Practical notes:
- IBKR Germany: German tax certificate, Abgeltungssteuer withheld automatically
- IBKR Switzerland: CH tax statement, self-declaration required
- US brokers (Tastytrade, TD Ameritrade, etc.): Self-assessment required in DE/AT/CH; W-8BEN form mandatory
Documentation Obligations
- Retention period: Keep all broker statements for at least 10 years (German Commercial Code §257)
- Broker change: When switching brokers, prepare a cutoff summary with acquisition dates
- Disputed trades: Retain broker correspondence for disputed or corrected trades
⚠️ Final disclaimer: All information provided without guarantee. Consult a tax advisor in your country of residence before entering significant positions. For cross-border situations (change of residence, foreign broker, double-taxation treaties) professional advice is indispensable.