2.8.3 Taxable income from letting a holiday home that you have used yourself

Item 2.8.3 Applies to the tax year 2016

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Under this item, you must enter income over NOK 10,000 from the letting of a holiday home that you also use.

Does this item concern me?

The item concerns everyone who lets a holiday home that they use themselves where the rental income is more than NOK 10,000 per year.

If you let a number of holiday homes, the tax-free amount of NOK 10,000 applies to each property.

If you let a holiday home which you do not use yourself (accounting treatment), you must declare the income under item 2.8.2.

If you let a holiday home or house/apartment abroad, you must enter the income under item 2.8.5.

How do I enter this in my tax return?

You must enter 85 percent of the rental income which exceeds NOK 10,000 (excemption). You will not be entitled to a deduction for your expenses that are attributable to the holiday home.

Example:

  Rental income

NOK 15,000

 
- Tax-free amount

NOK 10,000

 
= Total NOK 5 000  

The taxable income will then be NOK 5,000 x 85 percent = NOK 4,250, which must be entered under item 2.8.3.

I let the property through a letting agency/booking firm

You will be taxed on your income after the letting agency's commission has been deducted. However, there is no deduction for maintenance costs and other ongoing costs associated with the leisure property

Example:

  Rental income

NOK 15,000

 
- Commission

NOK 10,000

 
- Tax-free amount NOK 5 000  

  =   Total                        NOK 53,000

The taxable income will then be NOK 53,000 x 85 percent = NOK 45,050, which must be entered under item 2.8.3.

The holiday home is owned by several people

The tax-free amount of NOK 10,000 is distributed according to each owner's share of ownership. If the holiday property consists of several housing units and the joint owners have an exclusive right of use, they will each be entitled to their own tax-free amount of NOK 10,000.

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