Gain share of a withdrawal
TaxesWhen you withdraw capital from your portfolio, the payout consists of two parts: the capital you originally paid in (cost basis) and the accumulated price gains. Only the gain share is taxed – after all, you built up the capital you paid in from income that was already taxed.
The gain share depends on how long and how successfully you have been invested. The longer your portfolio has grown, the higher the gain share of each withdrawal typically is.
Example:You withdraw €2,000 from your ETF portfolio. Of this, €800 is the capital you invested and €1,200 is price gains → gain share = 60%. Taxes and, if applicable, health-insurance contributions are only due on the €1,200.
Typical values:After 5 years: ~30–40% · after 10 years: ~50–60% · after 20+ years: ~70–80%. The actual share depends on market performance.