Kalkan Turkey Forum - EnjoyKalkan.com

Kalkan Discussion => Money & Finance => Topic started by: derek364 on March 02, 2012, 09:35:51 AM

Title: Rental accounts deductions
Post by: derek364 on March 02, 2012, 09:35:51 AM

Hi,

I am putting the finishing touches to our rental accounts (this is our first year) and from the guide it appears that you can deduct 5% of the cost of your property for the first 5 years as an allowable expense. Can anyone confirm this?. Thanks.

Title: Re: Rental accounts deductions
Post by: hobbo on March 02, 2012, 10:16:25 AM

The latest official guide I can find http://www.gib.gov.tr/fileadmin/beya...payers2010.pdf (http://www.gib.gov.tr/fileadmin/beya...payers2010.pdf) published Feb2010 for tax year 2009, suggests that if claiming using the 'Deduction of expenses in the actual expenses method' then yes:

Interest of debts relating to the rented property and rights and
5% of acquisition value of a rented house for 5 years beginning
from the date of acquisition (This deduction applies only to
rental income of the rented house; non-deductible part is not
evaluated as expenditure surplus. This deduction is not valid for
houses acquired before 2005.)

Title: Re: Rental accounts deductions
Post by: derek364 on March 02, 2012, 11:29:08 AM

hi hobbo,

That's how I read it - just seemed quite generous on top of  being allowed a deduction for mortgage interest as well.