Purchased a property?

Congratulations! You are now the proud owner of your own property.

The tax declaration is something that you might not have considered. Wealth taxation is practiced in Switzerland. In light of the fact that this tax will rise as your assets rise, it makes sense to assume that your tax bill will be significantly higher. Along with an increase in the wealth tax, the income tax will also go up. The own rental value must be included in the tax declaration. The sum you would earn if you rented out your home is known as your own rental value.

Tax deductions, however, help to balance the tax declaration. Tax deductions can be claimed for expenses like maintenance, amortization, and renovations. At last. Your tax bill will increase, but not by as much as you might have thought.