September 29, 2026

Gold taxes vary by how you hold it: Pure gold accumulation, ETFs, and FX account CFDs—A quick reference guide to check before realizing profits, including which gains and …

The taxes applied to gold profits vary depending on how you hold it. For pure gold accumulation, gold ETFs, and gold CFDs in FX accounts, the taxation mechanisms and whether they can be offset against stock or FX gains and losses differ. This is a quick reference guide to verify your holding category before realizing profits.

As the end of the year approaches, I imagine some people are thinking about taking some profits on their gold. Conversely, there must be others holding unrealized losses who are wondering if they can offset them against their stock or FX gains.

What both have in common is that even though we say “gold taxes” in one breath, the bucket it falls into depends on how you hold it. If the bucket is different, the assets you can offset it against also change.

In this article, we will check the following three things:

Which category the profit falls into for each holding method (Quick Reference Table)
Whether each category can be offset against stock or FX gains and losses
Five things to check before realizing profits

I should note in advance that I will not discuss which holding method is better or when you should sell. This is just a summary to help you understand the categories. Please consult a tax office or a tax accountant for individual decisions.

※ Loss offset: Deducting losses from one type of income against profits from another. Which types of income can be offset against each other is determined by tax categories.

Why I started checking “gold categories” before selling

I have held gold for a long time as a satellite investment (a small portion held separately from my core assets). My methods are physical gold/pure gold accumulation and ETFs/investment trusts. I have been doing FX for nearly 20 years, but I have never held gold as a CFD in an FX account.

Even though it is the same “gold,” these two have different tax categories. I started becoming aware of this because of a different mistake.

I previously had losses from stocks and FX that I carried forward but failed to use up. If I had understood beforehand “which category the losses and profits fall into and what they can be offset against,” I at least could have planned ahead.

I have summarized here how long carried-forward losses can be used and how to count them year by year.

The deadline for carried-forward losses: The 2023 portion is last used in the 2026 tax return—Three numbers to look at at the end of the year before stock and FX losses disappear unused

Gold also changes categories depending on how you hold it. That is why you should check before selling. This time, I have listed them by holding method, including CFDs that I do not hold.

Quick Reference Table: Taxation mechanisms that change based on how you hold gold

Based on the National Tax Agency’s Tax Answers (No. 3161, No. 1463, and No. 1522), I have listed them by holding method.

Gold bullion (physical) / Pure gold accumulation (equivalent to the sale of gold bullion): Profit category: Capital gains (in principle) / Taxation mechanism: Comprehensive taxation. 500,000 yen special deduction, 1/2 of the gain is taxable for holdings over 5 years / Offset eligibility: Cannot be offset against losses from stocks, FX, or gold CFDs (treatment of losses on the gold bullion side requires confirmation)
Gold investment accounts / Gold savings accounts, etc.: Profit category: Income from financial-like products / Taxation mechanism: Flat 20.315% (as of 2026) withholding separate taxation (cannot be declared) / Offset eligibility: No offset scenario (taxation ends with withholding)
Gold ETFs/Publicly offered gold investment trusts: Profit classification: Listed stocks, etc. (same category as stocks) / Taxation mechanism: Treated the same as stocks / Offsetting: Gains/losses from listed stocks, etc.
Gold CFDs in FX accounts, etc.: Profit classification: Miscellaneous income related to futures trading (same category as FX) / Taxation mechanism: Separate self-assessment taxation / Offsetting: Miscellaneous income related to futures trading, such as FX

* Comprehensive taxation: A method where tax is calculated by adding income to other sources like salary, with the tax rate increasing as total income rises.
* Separate self-assessment taxation: A method where tax is calculated separately at a fixed rate without adding it to other income. Profits from stocks and FX fall under this method.

We will look at the details line by line.

Gold bullion/Pure gold accumulation: In principle, “Comprehensive taxation on capital gains”

According to National Tax Agency No. 3161, income from selling gold bullion is, in principle, taxed comprehensively as capital gains. However, if you are buying and selling continuously for profit-making purposes, it is considered business income or miscellaneous income.

Capital gains are treated differently depending on the holding period.

Holding period of 5 years or less: Short-term capital gains
Holding period over 5 years: Long-term capital gains (1/2 of the calculated amount is subject to tax)

Furthermore, you can deduct 500,000 yen as a special deduction for capital gains. However, this 500,000 yen is not a quota exclusively for gold bullion. The limit is 500,000 yen combined with other capital gains subject to comprehensive taxation besides gold bullion, and the rule is to deduct from the short-term portion first.

The figures in the diagram are hypothetical. Even with the same 1.5 million yen capital gain, 1 million yen is added to other income if held for 5 years or less, and 500,000 yen if held for over 5 years.

* Capital gains are calculated as “Selling price – (Acquisition cost + Selling expenses)”. Acquisition cost is the amount paid when the sold asset was purchased.

“Pure gold accumulation” classifications vary by product

This is the most confusing part.

National Tax Agency No. 3161 also explains that profits from gold investment accounts, gold savings accounts, etc., are subject to withholding separate taxation as income from financial-like products. Withholding separate taxation is a system where tax is deducted at the time of receipt, completing the taxation process, and cannot be included in a final tax return.

The tax rate is 15% income tax + reconstruction special income tax (currently 2.1%) + 5% inhabitant tax = a total of 20.315% (as of 2026). The 2.1% reconstruction special income tax is applied to the income tax amount. From January 1, 2027, the reconstruction special income tax will become 1.1%, and a defense special income tax (1% of the income tax amount) will be added.

In other words, even if it is called “pure gold accumulation,” depending on the product structure, it may fall under the sale of gold bullion (comprehensive taxation on capital gains) or income from gold investment accounts, etc. (withholding separate taxation).

Regarding the sale of gold bullion accumulated through fixed-amount gold purchases (so-called pure gold accumulation), there is a written response case from the Tokyo Regional Taxation Bureau. It presents a way of thinking about calculating acquisition costs as a transfer of gold bullion based on the facts inquired.

However, this is only a response to an individual case. Please check with your provider’s manual or customer service to see which category your pure gold accumulation falls under.

Gold ETFs/Publicly offered gold investment trusts: “Listed stocks, etc.” same as stocks

According to National Tax Agency No. 1463, listed stocks and similar assets are explained to include “stocks, etc., listed on a financial instruments exchange (including so-called ETFs)” and “beneficiary rights of publicly offered investment trusts.”

In other words, gold ETFs and publicly offered gold investment trusts fall under the same category as listed stocks. Even if the price movement is based on gold, for tax purposes, they are treated as stocks.

※ETF: Investment trusts listed on a stock exchange. They can be bought and sold on the market just like stocks.

Note that holdings in a NISA account are treated differently and are therefore excluded from the scope of this article.

Gold CFDs in FX accounts, etc.: Classified as “miscellaneous income related to futures trading,” the same as FX.

National Tax Agency No. 1522, “Special Taxation of Miscellaneous Income Related to Futures Trading,” includes certain over-the-counter derivative transactions under the Financial Instruments and Exchange Act and certain over-the-counter commodity derivative transactions under the Commodity Futures Trading Act.

Gold CFDs traded through FX companies and similar entities are generally considered to fall into this category. In other words, they are considered to be in the same category as FX. The tax rate is a separate self-assessment taxation of 20.315% in total (as of 2026), consisting of 15% income tax + reconstruction special income tax (currently 2.1%) + 5% inhabitant tax (from 2027 onwards, 1.1% reconstruction special income tax + 1% defense special income tax).

※CFD: Contract for Difference. A transaction where the difference in price is exchanged without the delivery of the actual asset. Some FX company accounts allow you to trade the price movements of gold (XAU).

However, the term “CFD” is not explicitly written on the National Tax Agency’s website. Please check the annual transaction report or explanations provided by your FX or securities company to determine which category your specific trades fall into.

You can only offset gains and losses within the “same box”

It is easier to organize this if you think of the categories as “boxes.”

You can offset gains and losses if they are in the same box

Gold ETF gains and stock losses: Both are in the listed stocks, etc., box
Gold CFD gains and FX losses: Both are in the miscellaneous income related to futures trading box (if the gold CFD falls into this category)

For example (a hypothetical scenario), if you have a 300,000 yen gain from a gold ETF and a 200,000 yen loss from individual listed stocks in the same year, you can offset them because both are listed stocks, etc. Procedures vary depending on the type of account (specific account vs. general account, with or without tax withholding), so please check the guidance from your securities company for details.

You cannot offset gains and losses if the boxes are different

According to National Tax Agency No. 1522, losses from miscellaneous income related to futures trading can only be offset against other miscellaneous income related to futures trading. Furthermore, according to National Tax Agency No. 1474, transfer losses from listed stocks, etc., can only be offset against dividends, etc., from listed stocks, etc. (for which separate self-assessment taxation has been chosen).

From this, we can conclude the following:

FX or gold CFD losses cannot be offset against gold bullion gains or gold ETF gains
Stock losses cannot be offset against gold bullion gains or FX/gold CFD gains
Profits from gold bullion or pure gold accumulation (which are treated as the sale of gold bullion) are classified as capital gains under comprehensive taxation, so they cannot be offset against losses from stocks or FX.

Even though it is the same gold, the assets you can offset it against differ depending on how you hold it. This is an easy point to overlook. Closing out an FX position that has an unrealized loss does not mean it will be tax-deductible against profits from pure gold accumulation.

If you are considering “loss harvesting”—realizing unrealized losses in FX or stocks within the year—be aware that the practical treatment differs between FX and stocks. I have organized those differences here.

Loss harvesting: FX positions do not have the “acquisition cost trap” that stocks do—differences in the systems for FX and stocks you should know before closing out positions within the year

If you incur a loss from gold bullion or pure gold accumulation

This article does not make a definitive statement on how to handle losses from selling gold bullion or pure gold accumulation. This is because it goes beyond the scope of what I have been able to verify through primary sources. In a year where you have incurred a loss, please confirm the treatment with your local tax office or a tax accountant.

Furthermore, the mechanism for carrying forward losses from miscellaneous income related to futures trading, such as FX and gold CFDs, for three years starting from the following year is explained in the National Tax Agency’s No. 1523. If you plan to use this, it is reassuring to check the conditions in advance.

Save for later: 5 things to check before locking in gold profits

Items to check before you stop and sell.

□ How do you hold your gold? (If it is pure gold accumulation, have you confirmed with the handling company whether it is treated as a sale of gold bullion, or as a gold investment account, etc.?)
□ Which category in the quick reference guide do your profits fall into?
□ Are the losses you want to offset (stocks, FX, CFD) in the same category box?
□ In the case of gold bullion or pure gold accumulation, has the holding period exceeded 5 years? Are you sharing the 500,000 yen special deduction with other comprehensive taxation capital gains?
□ Have you verified the parts you are unsure about (classification of pure gold accumulation, treatment of losses, how to count the holding period) with the tax office, a tax accountant, or the handling company?

I intend for this to be saved as a screenshot and reviewed before you sell.

Do not let taxes decide whether to sell

One last thing. I believe you should not make tax classification a reason to sell. I think.

“I have losses in stocks this year, so I’ll lock in profits from my gold ETF to offset them.” This makes sense logically. However, with assets that fluctuate in value, moving the timing of trades just for tax offsets makes it easy to break your original holding rules.

The reason I have held gold for a long time is that I use it as a satellite asset for diversification. Whether to sell or hold is decided by that role and my holding rules. Tax classification is just for knowing where it falls when you have already decided to sell.

I have summarized here how to hold gold as a satellite asset and the philosophy of holding it long-term through rebalancing rather than swapping it out.

What is the correct percentage for a satellite portfolio? A discussion on holding semiconductor stocks and gold for the long term through rebalancing instead of swapping

For specific tax judgments, consult a tax office or a tax accountant. For trading decisions, follow your own holding rules. Keeping these two separate will help you avoid panic at the end of the year.

Summary

The classification of gold profits changes depending on how you hold it
Gold bullion and gold accumulation plans (which are treated as the sale of gold bullion) are, in principle, subject to comprehensive taxation as capital gains. There is a special deduction of 500,000 yen, and for holdings over 5 years, 1/2 of the gain is subject to tax
Gold investment accounts and gold savings accounts are subject to separate self-assessment taxation (totaling 20.315% as of 2026). Check with your brokerage to see which category your gold accumulation plan falls under
Gold ETFs and public gold investment trusts are classified as listed stocks, etc., just like regular stocks
Gold CFDs in FX accounts, etc., are classified as miscellaneous income related to futures trading, just like FX
You can only offset losses within the same classification. Consult a tax office or tax accountant regarding the treatment of losses from gold bullion
Classifications are things to be aware of, not reasons to sell

Lastly, let me ask you one thing. How do you hold your gold? If you could let me know in the comments—including whether you have ever checked the classification of your gold accumulation plan with your brokerage—it will help me with my next article.

If you don’t feel like commenting, just clicking the heart (like) button below the article is encouraging enough.

When you lock in profits from gold, you may have to pay taxes in the following year’s tax return or resident tax. Here is the concept of setting aside the tax amount in the year you make a profit.

Securing tax funds: Do you set them aside in years when you make a profit? A discussion on avoiding financial panic before filing your tax return

This is an article I wrote about why I didn’t include leveraged ETFs when holding gold as a satellite investment. Please read it as part of the process of choosing how to hold your assets.

The decay risk of leveraged ETFs: Can you really make money holding them long-term? The reason I didn’t include them in my semiconductor stock and gold satellite portfolio

In addition to taxes, there is a guide board with free articles listed by the specific area where you might be stumbling, such as stop-loss orders or fund management. If you are not sure where to start reading, this is the entrance.

A guide board for free articles on FX, stocks, and accumulation, read from ‘where you are currently stumbling’—you can probably find the one that works for you in 2 minutes

From the end of the year through the tax return season, I will continue to write about investment, taxes, and household finances. If you don’t want to miss the next article, I would be happy if you could follow me.

Primary sources referenced

National Tax Agency Tax Answer No. 3161: Income from the transfer of gold bullion

https://www.nta.go.jp/taxes/shiraberu/taxanswer/joto/3161.htm

National Tax Agency Tax Answer No. 1463: Taxation on the transfer of stocks, etc.

https://www.nta.go.jp/taxes/shiraberu/taxanswer/shotoku/1463.htm

National Tax Agency Tax Answer No. 1474: Profit/loss offsetting and carry-forward deduction for capital losses on listed stocks, etc.

https://www.nta.go.jp/taxes/shiraberu/taxanswer/shotoku/1474.htm

National Tax Agency Tax Answer No. 1522: Special provisions for taxation of miscellaneous income, etc., related to futures trading

https://www.nta.go.jp/taxes/shiraberu/taxanswer/shotoku/1522.htm

National Tax Agency Tax Answer No. 1523: Carry-forward deduction for losses related to settlement of differences in futures trading

https://www.nta.go.jp/taxes/shiraberu/taxanswer/shotoku/1523.htm

Tokyo Regional Taxation Bureau written response case: ‘Regarding the tax treatment of the transfer of gold bullion acquired through a fixed-amount gold purchase system’

https://www.nta.go.jp/about/organization/tokyo/bunshokaito/shotoku/19/01.htm

Classifications and tax rates are confirmed as of September 2026. Please check the latest information in the National Tax Agency’s published materials.

Disclaimer

This article is a general explanation of the system based on the author’s experience and publicly available information, and does not constitute individual tax advice or investment advice. It does not recommend any specific product, method of holding, or timing of buying and selling. Tax classifications for each product, such as pure gold accumulation, vary depending on the product’s structure, and may be treated as business income or miscellaneous income depending on the actual nature of the transaction. Please confirm individual judgments, including points not definitively stated in the text such as the treatment of capital losses on gold bullion, with your brokerage, tax office, or a tax accountant. The content of this article is based on information as of September 2026 and may change due to future revisions to laws and circulars. Investing carries the risk of losing principal, and the author assumes no responsibility for the results of any decisions made based on the information in this article.

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