The opening of the income tax declaration is this Thursday, April 11, 2024! Money generated thanks to sales on Vinted, amounts earned from carpooling… what additional income should you declare on your tax form? We take stock.
Faced with growing inflation and thanks to the development of digital platforms, more and more French people are making ends meet by selling objects and clothes, renting a room in their home or even carpooling. But faced with this additional income, the law has become much stricter and now requires citizens to declare them in order to be subject to income tax.
It is moreover from today, Thursday April 11, 2024, it is possible to complete your 2024 income tax return (on income earned in 2023). The opportunity to take stock of what must be declared to the tax administration or what can remain confidential. As a reminder, residents of departments 01 to 19 and non-residents have until May 23, 2024 to declare their income. Residents of departments 20 to 54 have until May 30, 2024 while those who live in departments 55 to 976 have until June 6, 2024.
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Income taxes 2024: focus on additional income that must be declared
We must first remind you that voluntary concealment of income can result in an increase of up to 80%. It is therefore better to take the time to properly declare your income for the year to avoid any risk of fines. We are talking here about additional income and not your income linked to your salaries. This additional income must be declared via form 2042 C PRO of the income declaration form.. For any income less than €305, you will not pay any tax. On the other hand, depending on your situation, you may be asked to pay tax in the event of large winnings.
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Among the additional income to declare, don’t forget that this also concerns small DIY jobs, school support or even pet sitting. Objects made yourself and sold on the internet must also be declared because this is considered a craft activity. Regarding carpooling, you will only have to declare your earnings if you have made a capital gain compared to the total cost of the trip. Finally, if you rent your house or a room in your house, you must declare your earnings as soon as the amount exceeds 760 euros per year.
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Income taxes 2024: the specific case of Vinted
Like other platforms like Airbnb or Leboncoin, Vinted, the most popular online resale site at the moment, transmits, in certain cases, your income directly to the tax authorities. Because now, in France, the gains generated by the sale of a personal item may be taxable if its amount is greater than €5,000 and if profits are generated by said sale (that is to say, if the price sales price is higher than the purchase price)
On Vinted, if you have made 30 or more sales during the calendar year or if you generated earnings exceeding €2,000 during the calendar year, the platform must contact you to complete the DAC7 report, under the directive of the same name. On the other hand only sellers who have reached the threshold of €5,000 will be subject to taxation.
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Income taxes 2024: this additional income which does not need to be declared
You might think that absolutely EVERYTHING must be declared, but that is false. Some winnings do not need to be reported to the tax authorities. We think of the money generated by sales of cars between individuals, household appliances or furniture.
If you have a green thumb and you decide to sell the fruits and vegetables harvested in your vegetable garden, you will not need to declare them unless the surface area of your vegetable garden is greater than 500m² and/or if it is a garden which is not attached to your house (shared garden for example).
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