Renting out of items
Do you have tools, equipment or goods that you want to rent out to others? What should you take into consideration?
If your rent your belongings via a platform or application, find out the following in advance:
Your responsibilities and rights as the owner of the items being rented out as listed in the terms and conditions
The responsibilities of the platform or application provider
How payments are made
Does your private insurance cover any damages to the items that happen while they are rented out or do you need separate insurance for this?
How will possible problems be dealt with?
The income you receive from renting items is capital income. Even if you only receive rental income occasionally, you must pay a tax on the income. You can deduct expenses you have incurred from renting out
- the item and that are directly related to the renting activity
- and general expenses for the period the property is rented out.
However, keep in mind that you may not be able to deduct the item’s purchase price as depreciation. You may have purchased the item more for your private use than as a source of income.
Read more on the Finnish Tax Administration’s website.