What are debts & interest?
Debt interest is the interest you pay on private debts (e.g., a mortgage, personal loan, credit card, or a private loan from family or friends). You can deduct this interest in your tax return.
The deduction is legally limited to: gross investment income (incl. deemed rental value) + CHF 50'000.
Don’t worry: Just enter all your interest. If the limit is exceeded, iqtax will apply it automatically - this happens only very rarely.
Example
You pay CHF 300 per month for a loan. CHF 80 is interest and CHF 220 is repayment of the debt. The CHF 80 interest is deductible.
Document
In January, your bank or lender will provide an interest statement showing the interest paid and the outstanding debt as of 31.12.
How to add it in iqtax
Go to Deductions - Debts and Interest and click “add new”. Select the lender type (institutional or private), enter the lender details, and add the outstanding debt as of 31.12. as well as the interest paid. Then upload the interest statement to save the entry.
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