1Mo·

Interactive Brokers Taxes

Does anyone here have experience with the taxation of interest payments and dividends at Interactive Brokers?

I opened an account with IBKR last year to park part of my cash reserve in USD.

The idea was:

Diversification
Take high interest rates with you
To invest the money in a stronger market decline in $SPY (+1,42 %) to invest

I am aware that IBKR is not tax-simple for Germans and that you have to be active yourself.

Is it now possible to export complete annual reports there, which I can put on my tax advisor's desk?

Thank you!

$IBKR (+2,78 %)

4 Commentaires

Markus@_xempex_

3Sem.

If you use IB via Cap Trader, there is probably now a tax report adapted to German requirements.

I myself use IB via estably, formerly Banx. It comes down to getting the transaction report and my own Excel tables into the tax return. It usually takes 2-3 hours. I always write a note with explanations and hand in the transaction report and my Excel spreadsheets on request. The time before last, I had to go to the tax office and explained the report to the lady in a personal meeting. Last time, I submitted everything and it went straight through.

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Mo@BigMo

3Sem.

@_xempex_ Thanks for your input!
I had feared the effort. Then I'll see what export options are available at IBKR.
My tax advisor will then have to decide what is sufficient 🤷

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Markus@_xempex_

3Sem.

@BigMo in my opinion, it's definitely not worth it to get some interest on USD and to invest in a SPY. You can also have that in a German custody account.

You should also trade options regularly and trade securities in foreign currencies on various exchanges. Otherwise, in my opinion, there is no sensible relationship between benefit and expense.

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Mo@BigMo

3Sem.

@_xempex_ Indeed. Especially since you also have the effort of reclaiming part of the withholding tax...
Thank you! I think I'll file for '24 and '25 and close the account this year.

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