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Old 13.01.2011, 20:15
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property outside CH

as new resident to CH i have a property in austria which is declared there as a second home. does this get included into the worldwide asset declaration and if so what basis is used for the evaluation? is this the money borrowed or the price paid, the current value??? any advice is appreciated
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Old 13.01.2011, 22:00
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Re: property outside CH

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as new resident to CH i have a property in austria which is declared there as a second home. does this get included into the worldwide asset declaration and if so what basis is used for the evaluation? is this the money borrowed or the price paid, the current value??? any advice is appreciated
Yes, you must include global assets in the asset declaration

You can submit any valuation you have on the property to prove its value.

You can deduct mortgage interest
You must claim rentals

Best do it through a tax professional to get the lowest house value, and maximum possible deductions.
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Old 13.01.2011, 22:10
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Re: property outside CH

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as new resident to CH i have a property in austria which is declared there as a second home. does this get included into the worldwide asset declaration and if so what basis is used for the evaluation? is this the money borrowed or the price paid, the current value??? any advice is appreciated
if it is on this planet you have to declare it (c; That would include the first and second homes!

There are two numbers of interest that need to be declared: the 'value' and the remaining debt associated with the property.

as you are interested in minimising the wealth tax you pay on your world wide assets, the lower number of the purchase price or the valuation price should be used. I have a property in an EU county with a mortgage in that EU country. I declare the purchase price as the value. The valuation carried out by that bank to allow me to get a mortgage is available but is higher than the price I paid.

I have documentary proof of the purchase price, I have documentary proof of the valuation. So far I have only provided documentary proof of the interest payments of my mortgage as I can use these to reduce my taxes.
But I declare the purchase without actually sending any proof. It is not required.

Specifically then for the wealth tax: I pay wealth tax on (value declared - debt still outstanding)

But as with any number you declare on your tax return you have to be in a position to prove the number if/when asked in the future. At which point I will gladly provide the proof of purchase price.
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Old 13.01.2011, 23:03
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Re: property outside CH

thnx for the info. i did not know that you could offset mortgage payments made in another country against the swiss tax. i recently finished paying. i built the house so i suppose i will need to have the bill necessary.`filing was never my strong point!
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