Property Transfer Fees
The property transfer fees are payable by both the buyer and seller.
The fees are based on the declared value of the property but this must not be less
than the tax value as set by the local town hall in Turkey, which is also used as
the base of the property tax.
The following ongoing property taxes are payable in Turkey:
Turkish Rental Income – Turkish rental income is taxed from 15% -35%.
Deductable expenses from Rental Income - Allowable expenses:
- Management fess,
- repairs to the property directly related to the rental period. Actual receipts and
invoices will be required.
- Utility bills,
- Some legal costs associated with the letting (if damage occurred by the tenant).
- Mortgage interest is allowable as a deduction.
Flat Rate Expenses Method – A flat rate tax method is available where the tax liability
is calculated at 25% of gross income without any allowable deductions.