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News for those who rent out their home and workplace

Posted by Hasporealty Hasporealty on August 10, 2022

Calendar journalist Erdem recently wrote in his column news that will be useful to landlords of houses and workplaces. If the rental income of an individual in 2021 is above TL 7, it is important to submit a declaration to the tax office in March.

This does not require complex manipulations. All you have to do is submit an application on the website of the Department of Revenue. Go to online system and click on the "Fill in the declaration" section. In this case, the landlord has the right to deduct the rent paid for the house where he lives, indicating it as an expense.

How to make a declaration?

For the correct preparation of the declaration, one of the proven methods is used.

  1. One-time expenses. Rental income is taken as the basis, 15% of the remaining funds are deducted from it, considering them as one-time costs. This figure is also called the exemption amount.
  2. actual expenses. They are deducted from income from rental. Costs are important to document. Documents confirming expenses are kept for 5 years.

How actual costs are used

The calculation of actual expenses is carried out according to the following formula.

(Total Expenses * Taxable Revenue) / Total taxable income.

Let the cost of the landlord, who pays tax on rental income of 10 thousand Turkish liras, reach 2 thousand den. units How much are taxpayer deductible expenses?

Income that is taxed = 10 - 7 = 3 thousand Turkish liras.

Deductible costs = (2000 * 3000) / 10000 = 60 TL.

By the way, taxpayers who have chosen to use the lump sum method receive a 15% discount by default.

Landlords are interested in what will happen if the income is not registered or deliberately reduced in the declaration. For those who do not comply with the law, punishment will be applied - a large fine that the citizen will have to pay on time.

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