Thursday, October 29

Day: September 17, 2020

Finance

The Right Guidance for the Taxes for You

Rental income received by a natural person is taxable income, the expenses of which are in principle deductible for tax purposes. However, expenses considered as living expenses are not deductible. What the General Rule for You? As a general rule, rental income is income from the so-called personal source of income, in which case the Income Tax Act applies for taxation. However, rental income may also be included in business income, in which case the Act on Taxation of Business Income applies to the calculation of taxable income. In addition, the Agricultural Income Tax Act contains provisions on rental income to be considered as agricultural income. The content of this guide focuses on rental activities that are subject to the Income Tax Act. For deductions, the focus is on t...