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Last year I took out a large loan from a friend at no interest. Because the loan was paid to my bank account, the money appears on the annual statement. How do I clarify this on my tax return? Does the money affect the taxes I pay?
Hi there,
Swiss tax returns include a section on which you can declare your debts. Your debts will not be counted as taxable assets for wealth tax purposes.
Note that although interest payments on loans are tax deductible, the actual debt repayments are not.
Taxes and tax laws vary between cantons, so if your debt situation is complex, you may want to consult a tax advisor or inquire at your local tax office.
Best regards from Moneyguru
More on this topic:
Personal Loans: Tax deductions for interest charges
How to get out of debt fast
Swiss Taxes: Using The Third Pillar To Save
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