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14March2022

Tax Map For Rent Income Earners

Each year, the rent income earned by real persons are declared to the respective tax office with the Annual Income Tax Return. For 2021 tax year, the tax return submission deadline is 31st of March, 2022. The types of income that are within the scope of GMSI except for the rent incomes, are stated in the Income Tax Law Number 70. In order to declare the rent income, the lump sum expense method and actual expense method are implemented. On lump-sum method, after deducting the amount of exception from the rental income, 15% of the remaining amount can be deducted against actual expenses. Lump sum expense method is not applicable for lease of rights. In the below table only information is provided for rent income from residental and commercial places. For further detailed information please contact your customer representative or an expert.

 
Tax Map For Rent Income Earners 2022

Author Selma Kıy, Category Taxation Law

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    CottGroup® member companies do not guarantee that the information in the article is accurate, up-to-date, or complete and are not liable for any damages that may arise from errors, omissions, or misunderstandings that the information may contain.

    The information presented here is intended to provide a general overview. Each specific case may require different assessments, and this information may not be applicable to every situation. Therefore, before taking any action based on the information provided in the article, it is strongly recommended that you consult a competent professional in the relevant fields such as legal, financial, technical, and other areas of expertise. If you are a CottGroup® client, do not forget to contact your client representative regarding your specific situation. If you are not our client, please seek advice from an appropriate expert.

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About The Author

Selma Kıy

Certified Public Accountant - SMMM
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