Did you enter or provide the information about each individual trade when you filed your tax return? I would like to know if it's mandatory. (Canton of Geneva) Thank you
For those who have had the experience of doing their own tax returns and have made more than 100 individual stock trades (buy and sell)
Every individual trade (but my bank now delivers a file I can upload).
Yes every individual trade; including withholding taxes on each trade, dividends received, opening balance, end of year closing balance, etc. Some financial institutions provide these nicely summarized; for others I may put a summary together in the form of a spreadsheet and then upload as a PDF attachment along with supporting documentation for each claim of US additional withholding taxes.
In my experience the more detail you share the AFC, the more likely your tax return will be accepted as submitted.
Thanks a lot, so for a stock A, I was in and out several times last year so I have to enter each individual trade right? do you also provide the prices? (A friend told me that his accountant only submits the volume and buy/sell without indicating the price nor the profit.)
I use Interactive Brokers and can submit the 30 page PDF "Activity Statement" but wonder if it could be bad for me to maybe give too much info.
At the end of last year my portfolio value was down including unrealized losses. But if we just focus on the realized P&L then it was a gain. It was my first year having owned and traded stocks, do you think they will tax me on capital gain (if they ignore the big picture&unrealized P&L and only focus on realized P&L)?
Not sure for Geneva, but at least for Zurich there are numerous accounts of tax office simply accepting the total for end of year value and total dividends received through the year (with detailed docs attached).
Re taxes on capital gain: since you are saying you were "in and out several times last year" on a single stock you are likely not respecting the "safe heaven" rules for not being classified as the professional investor, but don't worry too much: this simply means that the tax office has the right to classify you as one, but does not necessarily mean that they will. If you have a job that pays significantly more w.r.t. what you earned with stocks - you will likely be fine
You don't pay taxes on capital gains tax in Geneva...............
Private capital gains on movable assets (e.g. shares) are normally tax-exempt throughout Switzerland as long as an individual does not qualify as being a professional securities dealer. Capital gains realised upon selling Swiss non-movable assets, i.e. real estate, is however subject to a cantonal capital gains tax.
I submit my IB return and that's it.
Thanks, which exact IB document you are talking about? as there are so many
are you talkng about the biggest one "Activity Statement"?
can any Interactive Brokers user share which document they shared with tax authority? Thanks
I share the "Activity Statement". Ultimately, you just need to ensure that the docs you share have: EOY portfolio, dividends received (or/and BOY portfolio + all the trades)