Tax Declaration for IBKR Cash and Interest

Taxes
1

Dear all,

I would like to ask for a hint how to declare small amount of cash and interest earned at IBKR account. Should it go under bank accounts section?

Thanks in advance!

2

yes of course

1 Like
3

I’m not declaring them, I have around 30chf in cash on average and to me is not worthy to do that. If I do that I should declare the cash I have in the wallet too.

4

That’s tax evasion, please don’t encourage such behaviour.

Yes, you should.

1 Like
5

Ehm, yes? There is a section called „Bargeld, Gold und andere Edelmetalle“ in German.

Declaring cash and the interest of IBRK is done in 10 seconds.

6

Of course I’m not encouraging evasion :joy:
To me it’s a matter of proportions, I simply don’t think they care about 30chf in ibkr and 10chf cash in the wallet, if you’re declaring your income and your properties for hundreds of thousand of CHF
My ibkr statement is always attached if they want to know.
The OP mentioned a small amount of cash, at 31.12 you check your wallet to know how much to declare?

Edit: I add that I’m too far from the threshold where we start to pay for property taxes.

2 Likes
7

I declared my IBKR portfolio as one line that included cash and end of year balance/value.

I just received my tax estimation by the tax office and they did not complain or correct this anyhow.

I am in Geneva.

8

It doesn’t matter how small the amount is, it is tax evasion if you don’t declare it.

9

Afaik accountants will skip accounts with low amounts. The tax office doesn’t care about a few francs in wealth tax.

(And for foreign accounts, they get the data through data sharing, so they know about it anyway, but they don’t care about those small sums)

5 Likes
10

Few more questions please,

IBKR gives me cash balance and settled cash balance. Which of those do you usually report? Or which one should be reported :slight_smile:

And regarding interest (few francs in question, but out of curiosity), I see that Interest accrual equals to reversed accrual, does it mean I don’t report interest?

Thanks!

11

It’s tax evasion if you hide and this has an influence on the taxes you pay, I guess this is the definition.
And this is what the tax officer told me to do.

12

Otherwise, you could just withdraw all cash from your accounts in December and deposit them back in January and avoid wealth tax.

13

Based on my experience, tax office is very reasonable in Switzerland.
They don’t expect you to count all the money lying around in house (unless you keep stash of money hidden in bed :)) because it’s waste of time.

But for IBKR. You already have a report , it’s quite straightforward to enter it in the return . That’s what I do .

4 Likes
14

Accruals are accumulated interests that are not paid yet. Not relevant for taxes.

Their reversals are actual payments. They should be reported separately as the interest earned, so not important by themselves. The interest earned is your taxable income.

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15

So does it mean if accrual=2.00, reversal=-2.00 then I get 2.00 as interest payment? Or reversal should have a positive sign :upside_down_face:

16

That is incorrect. There is an exemption (albeit somewhat vague) for a reasonable amount of cash held at home/in your wallet for your immediate expenses. Bank account balances, on the other hand, must always be declared.

3 Likes
17

This year I created 3 entries:
Stocks US
Stocks CH
Cash
Of course you still need to count correctly the dividends, the DA-1 and so on

1 Like
18

Have to admit I never placed interest so far when I declared the cash position in IBKR. Since I have barely any cash I doubt this is critical as I do not expect I got any substantial interest but to be sure anybody know which interest value would be the one to place in the IBKR cash position?

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4 posts were merged into an existing topic: Tax declarations are fun