Decoding the 2024 Rental Income Tax for Property Owners in Turkey With the looming tax season, property owners in Turkey are buzzing with anticipation, especially those who earned more than 21 thousand TL in rental income last year. As the declaration period kicks off, numerous questions arise regarding the specifics of the 2024 rental income tax. In this blog post, we'll delve into the essential details...
Obtaining a Tax Number in Turkey as a Foreigner If you are planning to live or invest in Turkey, obtaining a tax number in Turkey is a crucial step in the process. This ten-digit identification, known as the Vergi Numarasi, plays a vital role in numerous activities, from buying a car to paying taxes and settling in the country. In this guide, we'll walk you through the hassle-free process of obtaining...
Rental Revenues Individuals' net rental income is liable to income tax at progressive rates. Nonetheless, a specific threshold amount is free from taxation if the property is rented out as a residence. Either the lump sum approach or the actual deduction method can be used to work out net rental revenue. The actual deduction method subtracts actual costs from the gross rental income, including...
The actual cost of real estate is not heavily taxed in Turkey, however, there are costs associated with the transfer phase of the transaction. The Yearly Property Tax is the sole tax related to real estate that must be paid annually in Turkey. The annual property tax varies depending on many factors. You must provide the Turkish government with an extra yearly tax if you own property there. Turkey's...
