If you have a power drill or chain saw you rarely use, you may be able to find someone who’d like to rent or borrow it. Several new peer-to-peer websites connect local owners and borrowers — allowing you to earn extra money from short-term rental of all sorts of items (from tools to camping equipment) while allowing others to save by not having to buy stuff they need for one-time or occasional use.
Listings of items for rent, or items that someone needs to rent, are free. The renter is charged a commission of up to 10 percent of the rental price once the transaction is complete.
Income from occasional rentals — like that from yard sales — sometimes do not count as taxable income but when such ventures become a recurring business, the income generated may be considered taxable. You should consult a tax professional.
Also of interest: Smart shopping at yard sales and thrift stores.
Sid Kirchheimer writes about consumer issues.
Discounts & Benefits
Next ArticleRead This