Wealth taxes GE - Value of the car

Taxes
1

Hello,

Can someone help me out please? First time tax declaration, in GETAX 2024 it asks me to tell just a number of value of all cash and car (for wealth tax I guess). We were like pros and we counted the money on NYE :stuck_out_tongue: so we know that and I found the exchange rates too.

But for this category “* bateau(x), avion(s), automobile(s), vĂ©hicules de collection, etc.” how should be the value calculated? I tried TSC Eurotax calculator, but it does not find the car from the VIN and does not let me select the model (which is interesting as this car was bought originall in Vaud, someone moved to GE, then France, I bought it in France when I lived there and when I moved to CH I moved the car back).

I did an Argus (French) valuation for the almost a decade ago when I bought it, that time it estimated ~3800 EUR (for customs), the car is now 16 years old, almost a grown up. (And I am a bit paranoid that the tax office starts to nitpick me after they see my IBKR transaction history, so really want to get things right the first time :D)

Thanks for the help!

2

I wouldn’t put anything, or put 1000 if you are concerned, it won’t make a big / any diff to wealth tax. :slight_smile:

1 Like
3

It’s correct that you are supposed to report it
 in theory. In practice, very, very few do it. At €3.8K, that’s not even the price of a coffee in terms of wealth tax! Also, the authorities allow valuation/depreciation rules far more generous than the actual market value (making your 16-year-old car worthless in their tax world). Unfortunately, as far as I know, unlike other cantons, the Geneva authorities have not provided any public guidance in that respect. The authorities are after collectibles or high-value vehicles (some people in Geneva have cars worth millions).

1 Like
4

Thanks for the info! At least I found it for Bern, that after 7 or 8 years value = 0. It is a budget car, and indeed it does not change much for wealth taxes. And market value is misleading, because for this one it is definitely low due to parking damages (I also bought it for quite cheap because of that many years ago).

5

Same for me. No instruction for my canton so I fill in with what i found for Berntax


6

THanks, will do the same

AnnĂ©e d’acquisition + 7 (ou plus) 0 %

I feel like with my car they should pay me :stuck_out_tongue:

7

Got an official answer from the GE tax office:

  • They are interested in the actual value
  • I explained that the TSC Eurotax service does not find my car
  • They said then use the French site https://www.largus.fr/ (if you do this, it gives the value in EUR, so you need to exchange that to CHF)

Note: the Argus service for my car says 2000 CHF less value than comparis.ch :wink: (I think the latter just estimates based on the ads they see)