IB margin loans

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December 3, 2021 at 1:34 am #102136

KateMoloney
Participant

Just wondering how you account for interest charges in your share trade tracker?

Also, how do you extract that information from IB? It seems best practice is to schedule in a regular time and extract it from the IB monthly report.

From the IB website….

“IBKR accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month”

December 4, 2021 at 5:18 am #114148

JulianCohen
Participant

I don’t account for it. I use STT to track the individual strategies P/L and The other spreadsheet to keep track on total Portfolio basis. The interest just gets lumped into the totals for the whole account.

December 5, 2021 at 1:11 am #114154

KateMoloney
Participant

Thanks Julian.

Are you talking about the performance tracker for the tracking the whole account?

My STT tracks the exact account balance, so I wonder if I deduct the interest from the cash tab, because it will show up on the EOY report for the accountant….

December 5, 2021 at 4:59 am #114156

JulianCohen
Participant

Ah you want it for tax purposes…I don’t have to worry about that as the Singaporean government doesn’t tax you on trading so I don’t bother to keep accountancy level books.

Hopefully one of the Aussies will chime in here….

December 5, 2021 at 10:09 pm #114157

Nick Radge
Keymaster

I don’t do it in STT, although you can add/subtract it using the interest tab.

The accountant does take it into account at the end of the year.

Back in the day, any margin interest was offset by interest paid on spare cash…those days are long gone
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