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December 1st, 2008, 02:26 PM
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#1 |
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Major Player
Join Date: Mar 2003
Location: Portland, Oregon
Posts: 608
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Rental Income taxed differently than regular income?
Hi all,
I'm trying to get a decisive answer on this: does the income you make from renting out gear (camera, editing suite etc) get taxed at a different rate than income you make from your labor? I have had friends in the film business tell me yes, but an accountant (who wasn't film savvy) tell me no. Anyway have an idea? Thanks! Peter |
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December 1st, 2008, 04:16 PM
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#2 |
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DVi Contributor
Join Date: Mar 2006
Location: Austin Texas
Posts: 374
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your taxable income is just a number -total earned for the year-regardless of the source, however, you can offset your taxable amount because you have depreciation on your equipment due to its age or service or repairs done to it over the year.. does that help?
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December 1st, 2008, 04:46 PM
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#3 |
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Major Player
Join Date: Mar 2003
Location: Portland, Oregon
Posts: 608
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Thanks Craig! That definitely answers my question.
Peter |
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