Exceptions and Expenses in Rent Income Statements

The rent tax is levied on people who have rented their home, and the tax must be paid before 31 March. However, if you have income below 3800 TL you can not pay taxes.

The rent tax, which must be paid at the latest on the night of 31 March, is paid with the rent income statement obtained by the owners in 2016. However, if your rental income is lower than 317 Turkish liras per month, that is, 3800 Turkish liras per year, you do not have to be in front. For the workplace this amount is set at 30,000 TL per year. You can make your transactions at www.gib.gov.tr. This is the official website of the Revenue Administration.

If your annual rent is more than 3800 liras, you do not have to pay tax on all of your winnings. Expense discounts have to be calculated from this amount. There are two ways to lower your expenses from your earning. The expense of the expense is 3800 TL while we are considering the exception. Then you have to think 25 percent of the cost of the expense and you are subject to the tax on the remaining amount.

The other discount way is the actual expense reduction. When this amount is calculated, the exception of 3800 TL is multiplied by total expenses and the total revenue is divided. Even if the path is different, it is possible to get the same number in both ways.

If you bought the house with Credit you pay a much lower tax thanks to the actual expense reduction method. 5 percent of the purchase price of the house you bought for 5 years can be considered as Expense. And you and your family can deduct the premium half you pay for life insurances.

If you earn 110 thousand TL per year from real estate, you can not benefit from exemption of 3 thousand 800 TL.

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    fatma Written by:

    Fatma ┼×ahin fatmasahin@istanbulinvestments.com

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