Taxation of rental income

Rental income is taxable capital income. When you keep records of your income and deductible expenses, you can declare them correctly and pay tax only on your net income.

You will need

• Rental agreements and rental income
• Receipts for expenses
• MyTax (OmaVero)

Steps

1. Record your rental income

   Record all your rental income for the calendar year.

2. Gather deductible expenses

3. Find out your loan interest

4. Consider the type of renovation

5. Declare it in your tax return

6. Consider prepaid tax

7. Keep your receipts

8. Get help if you need it

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