Can I deduct the asset management fees from my taxes?

As a general rule, the custody account fees and the fees for preparing the tax statement (free of charge with True Wealth) can be deducted from the tax return.

In addition to account management, True Wealth's wealth management fee also includes transaction costs and fees for deposits and withdrawals, which are generally not deductible.

In many cantons, however, a flat-rate deduction of 1 to 3 per thousand of the assets under management can be claimed, whereby certain upper limits have been set.

The cantons that grant such a lump-sum deduction (as of the 2024 tax period) are Aargau, Geneva, Glarus, Graubünden, Lucerne, Neuchâtel, Nidwalden, Obwalden, Schaffhausen, Schwyz, Solothurn, St. Gallen, Ticino, Thurgau, Uri, Vaud, Valais, Zug and Zurich. All information without guarantee. Please consult the official tax return guide to find out how you can benefit from the lump-sum deduction in your canton of residence.