Tax applications and advisory for Interactive Brokers users
Active traders and investors have to file a tax return statement in the country of their residence. Therefore, we have prepared a tax app, including the related advisory, to provide all the necessary documents for taxing profits from investments.
Currently, our tax application can generate reports for any natural person and any entrepreneur whose main business activity is not trading. In the MVP version, the application takes into account the trading of stocks by users from the Czech Republic using the Interactive Brokers (IBKR) broker. We have been working on harmonizing our app with the other countries’ tax laws and other types of users and brokers.
Tax application
How to use the tax application
04 Steps
1
After the end of the calendar year, go into the “Reports” section in your IBKR account and download the Activity, MTM Summary and Realized Summary reports.
2
These documents can be uploaded to our tax application or sent to your tax advisor.
3
When the uploading process finishes, our application will generate a report containing all the essential information to file the tax return.
4
The only necessary thing is to fill in the total Revenues and Expenses into the corresponding columns of Appendix No. 2 of the tax return and then upload the generated report into the Other attachments according to § 10 of the Income Tax Law.
Tax advisory
For our Premium Plan clients, the services of an external tax advisor are included.
Therefore, you only need to download all three mentioned reports from the “Reports” section
in your IBKR account and send them to the tax advisor.
Therefore, you only need to download all three mentioned reports from the “Reports” section
in your IBKR account and send them to the tax advisor.
The tax advisor will afterward fill the whole Appendix No. 2 of the tax return according to the trades executed as suggested by our tools.
Have a look at the sample files
If you are trading other financial instruments or using different platforms to trade, you should file a tax return for each. Unfortunately, the tax advisory service in the Premium plan does not include assistance with your other accounts or merging the information into one summary document. However, we can provide these services as a separate service.
Please be aware that we only provide the software. We always recommend asking a specialized tax advisor for help.