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02March2021

Tax Map For Rent Income Earners

Each year, the rent income that individuals earn is declared through the Annual Income Declaration within March. The declarations for 2020 income should be submitted until March 31, 2021. The types of income that are within the scope of GMSI except for the rental income, are stated in the Income Tax Law Number 70.

In order to declare the rental income, the lump sum expense method and real expense methods are implemented. 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. Information is only provided for rental income from residental and commercial places in the table below. For further detailed information, please contact your customer representative or an expert.

 
Tax Map For Rent Income Earners 2021

Written by Selma Kıy, Posted in Taxation Law

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    Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

    Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

About The Author

Selma Kıy

Certified Public Accountant - SMMM
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