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How to Calculate Housing Income Tax?

How to Calculate Housing Income Tax?

How to Calculate Housing Income Tax?

It started to wonder how the housing income tax, which concerns everyone who has a home, will be in 2020. Citizens with real estate investments must submit a rental declaration according to the principles set by the state. With this declaration, rents must be calculated and certain taxes must be paid.

The state has to keep track of rent purchases in recent years and citizens must pay taxes when certain criteria are met. In this way, the house income tax is paid in a balanced way.

According to the principles determined by the state, this declaration must be made in the first months of the year.

Housing Income Tax

How to Calculate Housing Income Tax? Housing income tax is determined in two installments each year. It is issued according to the declaration submitted in the first months of the year. Property owners are obliged to notify the state themselves, either electronically or by preparing a declaration letter.

While calculating the house income tax, the total rental amount during the year is calculated. Then, if the state exceeds the housing income tax limit set for 2020, the tax will be charged.

By declaring this to the state with a declaration, it will draw up the required payment plan for you.

Housing Income Tax Return

The state determines a certain currency while establishing a housing tax. Anyone who owns a home must pay tax if the rent he receives exceeds the specified amount annually. It is necessary to submit a declaration when the rental income exceeds that limit.

By reporting the income with a declaration, you will not be committed to tax evasion. In order to tax the state on income from housing, it is necessary to declare it.

Property owners must declare their rental income received between January 1st and December 31st. The declaration must be lodged between the first day of March and the evening of the last day of March. If the declaration to be submitted coincides with the public holiday and Saturday and Sunday, it must be submitted on the first working day following those days.

Housing Income Tax Return Conditions

By creating a housing income tax return, you fulfill your civic duty. Property owners must submit an annual declaration in written, electronic form. How to Calculate Housing Income Tax?

Declaration reporting conditions:

  • When calculating the housing income tax in 2020, a declaration must first be submitted in March. The declaration must be submitted to the Revenue Department between 1-25 March.
  • The housing income tax must be calculated correctly and reported in the return.
  • Residents who travel abroad during the year have to make the declaration 15 days before departure.
  • The declaration must be submitted electronically or in writing.
  • If there are property owners who have passed away, a declaration must be submitted by the heirs after the fourth month of their death.
  • Residence addresses are also very important when giving the declaration.
  • He / she must apply to the tax office to which his / her residence addresses are attached.

After creating these conditions, your declaration will be entered into the system correctly.

Housing Income Tax 2020

Housing tax is an issue that concerns property owners closely. The declaration can also handle the job by a code. Property owners create code or password at the tax office. You can submit the annual income tax return electronically with this code and password.

He / she can submit his / her declaration electronically by proxy. According to the return procedures, the tax is paid in two installments in March and July.

Housing Income Tax Calculator

When calculating the house income tax, expenses are subtracted from the total rental costs and the remaining money is your taxable part. It is necessary to calculate this part regularly every month. If the amount later exceeds the standard set by the state, you are subject to the tax bracket.

You can handle it more easily thanks to the housing income tax calculation tools that change every year. You enter your regular rental income into the calculation tools. Then the total price of the expenses is entered. If you exceed the percentage determined by the state with the calculations at the end, you must make a housing income tax return.

The generally used formula is calculated with Deductible Expense = Total Expense x Taxable Revenue * Total Revenue. This formula will give you an average calculation. When creating the declaration, this information must be calculated and written correctly.

Costs To Be Deducted When Calculating Housing Income Tax

When making a housing income tax return, the calculation must first be made. Calculation must be done correctly. The costs included in the calculation tool must also be deducted from the rent you receive.

When calculating housing income tax, the total costs must be deducted from the total of your rent. The resulting result gives you the rental price you are subject to. Thus, you must declare that rental fee with a declaration.

Costs to be deducted from the total money when calculating housing income tax :

  • Expenses such as electricity, water, elevator, cleaning
  • Insurance expenses of the house
  • Fees for housing
  • Taxes paid for housing
  • Maintenance and repair costs
  • Depreciation cost

Such expenses should be calculated and deducted from the total rent you receive. If you report these expenses correctly while making the declaration, a correct payment plan will be issued in the tax.

Types of Housing Income Tax Return

Today, with the development of technologies, there has been speed in bureaucracy. The use of calculation tools will make it easier for you to calculate housing tax. It has become very fast and easy to create returns and submit them to the tax office.

In order to submit the declarations to the tax office, your residential address must first be in the same place. Then declarations are made with the help of code or password.

The means to be used when making declarations is the ready-made declaration system, in writing, to the tax office to which it is affiliated. In addition to these, you can make your declaration by signing a contract through the members of the profession who send electronic declaration.

You can quickly create your declaration via the newly opened e-declaration system and transfer it to the tax office system.

Discounts in Housing Income Tax

Aids and donations made in the form of 5% of the total amount when making the declaration are subject to discount. Donations and aids made to public and private public administrations, municipalities, villages and foundations determined by the Presidency provide you tax reductions.

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