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Old 9th February 2012, 12:34   #1 (permalink)
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rental tax

my brother is thinking of renting his apartment out how much tax will he have to pay on the rent money?
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Old 9th February 2012, 12:53   #2 (permalink)
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Re: rental tax

see here http://www.gib.gov.tr/fileadmin/beya...payers2010.pdf

Can't give the full link because I'm to new on here

I know it's out of date but it's the best official guide

Last edited by Mushtaq; 9th February 2012 at 13:18.. Reason: fixed link
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Old 9th February 2012, 13:26   #3 (permalink)
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Re: rental tax

I checked this out recently with an accountant and this what they told me

You are allowed to earn 2,600 tl before you pay tax.
You are also allowed up to 25% as expenses (after the 2,600tl)
The remainder is taxed at 15%
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Old 9th February 2012, 13:41   #4 (permalink)
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Re: rental tax

amanda there are two alternatives to calculating tax. You need to read the booklet in the link that hobbo has posted
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Old 9th February 2012, 13:55   #5 (permalink)
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Re: rental tax

I have and found it quite complicated, thats why I asked an accountant and his answers are what I printed above
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Old 9th February 2012, 14:36   #6 (permalink)
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Re: rental tax

Amanda . Your accountant has set out the "Lump Sum Expenses" model which the easiest one to calculate. The other, known as the "Actual Expenses " allows you to set off actual costs incurred. Whilst it looks better on the face of it there can be a problem proving the costs - when was the last time a tradesman gave you a receipt.Sounds like you have a practical accountant
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Old 9th February 2012, 14:38   #7 (permalink)
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Re: rental tax

The post from Amanda shows one method of calculation and is the easiest to comply with (but may not be the best depending on situation).

You are allowed to earn 2,600 tl before you pay tax. (note if the property is in joint names it is 5,200TL) figures based on 2009 rules.

The 25% allowance for expenses is an alternative to submitting actual expenses (which could be much higher)

the 15% rate is for income (after allowances and expenses) is for income of less than 8,700TL . If income exceeds 8,700 TL than the rate is higher:

Up to the amount of 8.700 TL % 15
1.305 TL for 8.700 TL of 22.000 TL, over % 20
3.965 TL for 22.00 TL of 50.000 TL, over % 27
11.525 TL for 50.000 TL of amount exceeding 50.000 TL, over % 35

All explained in the document I linked to (with worked examples)

Also if your brother is a UK Tax payer he will need to declare his Turkish property income in the UK as well, there is a Double Taxation Treaty between Turkey and the UK so he will not pay double, but he may still be liable for some UK tax..
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Old 9th February 2012, 17:48   #8 (permalink)
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Re: rental tax

Didnt realise the limit of 2,600 was per name on the Tapu - thanks
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Old 23rd February 2012, 14:27   #9 (permalink)
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Re: rental tax

Thanks for all replys. I have checked all the rules and the calculations are really quite simple the problems is filing the returns with the tax office. Accountants seems a little expensive for quite a straight forward job. Here in the uk it is simple to file online with the Inland Revenue.
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Old 23rd February 2012, 18:03   #10 (permalink)
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Re: rental tax

Quote:
Here in the uk it is simple to file online with the Inland Revenue.
As long as your financial affairs are basic and straightforward. Its the same in Turkey if your return is simple and you understand Turkish its no problem filling in the form.
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