Attention landlords: Tax exemption for rental income announced

The income tax exemption for 2024, which concerns landlords, has been announced. The Revenue Administration has announced that the income tax exemption for residential rental income for 2024 is 33 thousand liras.

Accordingly, individuals who have rented out their homes will not pay any income tax if they have earned less than 33 thousand liras in rental income throughout the year.

AMOUNTS ABOVE 33 THOUSAND TL WILL BE SUBJECT TO TAX

For those who earn more than 33 thousand liras, this figure will be considered an exemption. The amount exceeding 33 thousand liras will be subject to tax.

On the other hand, it was stated that rental payments should be sent as a rental payment to an IBAN, rather than in cash or as a standard money transfer.

It was reported that all expenses related to the residence can be deducted from taxes when filing a rental income tax return.

#LegislativeInformation?? You can access the legislation section containing the Income Tax General Communiqué Serial No. 324 on our website (https://t.co/lt7GUoszwW).https://t.co/w9WITcywIL#RevenueAdministration #TaxIsOurFuture pic.twitter.com/XrLZ87E4yX

— Gelir İdaresi Başkanlığı (@gibsosyalmedya) January 4, 2024

News Source: 12punto