How is Rent Income Tax Calculated?

How is Rent Income Tax Calculated?

The statistical calculations determined by the Revenue Administration are taken into account in order to calculate the rent tax and assess the amount of income. It is possible to use the area opened for tax calculation through the official website of the Ministry of Revenue Administration to calculate the rent tax.

What is the Rent Tax and Where is It Used?

It is the capital calculation that results from the lease of the goods and rights belonging to the persons in the framework of the rules declared by the Revenue Administration Presidency. Another name is known as real estate capital income and expenses. The amount of income the Ministry has determined according to years is changed. The cause is the increase in the residence rate and the increase in the population ratio. This income tax will show itself in every area where rent can be paid. And the tax rates will change every year. For example; a tally in 2016 when the rental income tax calculation was made was determined as TL3,800. However, this amount was TL 3,900 in 2017.

How are Rental Income Tax Calculated?

Calculation techniques for tax revenue are more than one. Rent taxes are easily revealed and total account book is created.

1) – Account breakdown methods.

2) – Statements given in real estate.

3) – Total annual rental income.

4) – Withholding income for work places.

5) – Receipt of traffic.

6) – Depreciation calculation in addition to financial expense.

When the total expenditure expenses of the above calculation methods are calculated, the result is the rent income tax. Taxpayers can be taxed for those who own workplaces, those who live in rented homes, and those who own one of the above methods for renting their home.

What are the Points to Consider in Housing Tenancy Tax?

You have to calculate between the amount of the past year and the present year to calculate how much your rent income is taxable and to draw the total result according to the rates given by the ministry. Separate transaction calculations are made for the tax income test of residence and workplace. Buying taxes vary by invoice, interest rate and real estate calculations. The important thing to note here is; it is the purpose of the statement to which it is made. The rental income calculations of the houses rented or given to the rent are first and foremost. For businesses, this lease tax rate increases. Calculations should be done separately and combined into a budget sum.

The rental income tax calculation is based on actual costs and overhead costs. These two factors need to be considered. Real expenses are real estate calculations, interest payments, invoiced expenses and non-tax single gross accounts. All of these elements come together in the expenses of the field, which is the area where the total income is calculated. It can be seen that the amount of the withholding paid is entered into the expense calculation.

Discount Tax Conditions:

1) When tax calculation is done, gross calculation of each dwelling and work place is carried out separately. This calculation is based on the amount determined by the Ministry of Revenue every year. There are two situations such as renting and renting. There are different calculation methods for these two cases. The rental income tax calculation takes place in the tax calculation program field on the official website of the ministry. There are factors that need to be calculated for income and expenses when calculating rental income in this area. For example; such as withholding paid for work places.

In order to make use of the tax revenue and to make a deal with the banks, the lower limit should not be exceeded.

In which situations is the rent tax not paid?

How much of your rent income is taxable and in which cases tax calculation is done without payment is given in the following items;

1) In the event that the property on the property of the beneficial owner remains empty or is resident in another person, it shall not be included in the payment process.

2) In the event that the landlord transfers property and rights to one of the family members within the family, rent tax calculation will not be done. For example; the tax payment process does not take place when it is allocated to the siblings.

3) The rental income tax is not calculated in case of living together with first-degree relatives and relatives in the residence and work place where the person who owns the property owns the property. Because they show that people who live in the same place have the same rights, they are not taxed.

4) Public and public properties are not subject to housing tax. Apartments belonging to the general budget, special provincial administrations, municipalities, public and public institution buildings, dwellings are included in rent income tax.

The above factors are taken into account when calculating rent income tax. At the same time there are two methods of calculation: lump sum and actual expense. They do not have to pay tax if they have the property and property on the people and they have no close relatives.

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