This paper proposes a procedure for computing magnetic losses in coaxial magnetic gears. These magnetic structures are made of permanent magnets and ferromagnetic poles in relative motion transferring torque between two shafts in a contactless way. The loss computation in magnetic materials is crucial to define the system performance. The flux distribution inside the iron parts is computed by means of the finite element method and a model of iron losses taking into account the rotational nature of the flux loci is applied. The procedure highlights where the major loss sources are present and gives the opportunity to evaluate some corrective measures to reduce their effects. Particular attention is devoted to the 2D modeling in presence of permanent magnets segmentation.