Is your passive income taxable?

[Starmix]

Do you have a passive income? Whatever it is do you pay tax or evade paying it? I have a passive income from the rent of my one hectare coco farm which I inherited from my parents.

It is rented annually by a wealthy farmer, friend of my dad. He is the one who helps me to tax my real property. It's my passive income and an asset. I have to take care of it.

Do you tax your passive income?

 

[Nomad]

Yes, it is taxable. However, you pay lesser taxes for your passive income compared to your active income.

 

[Starmix]

Yes, it is taxable. However, you pay lesser taxes for your passive income compared to your active income.

Yes, you are right; we pay less in our passive income compared to our active income which is why, I always prepare or set aside money for tax payments. It is hard to fight the tax laws. They surcharged us

 

[Suba]

In my country, passive income is also taxed, such as interest tax, lottery/sweepstakes winnings, inheritance that has not been divided will also be taxed, but if it has been divided, it is not taxed.

 

[Starmix]

We should not evade tax. It ruins our reputation. That is our duty as a citizen in our country. It's through taxes that our country is able to build bridges, roads, public schools, hospitals, health care and more. I am paying income tax, and real property tax.