Real Estate Declaration Period Now Open

The declaration period for real estate purchases and sales has officially begun, as announced by SSI Expert Emin Yılmaz. This period, which started on March 1, will continue until April 1, allowing individuals to declare their real estate transactions and fulfill their tax obligations.

Yılmaz explained that any gains from real estate transactions within five years of purchase will be subject to capital gains tax. This means that if you purchase a property and sell it for a profit within this timeframe, you are required to pay taxes on the difference.

It is important to note that capital gains tax applies to a variety of real estate transactions, including land, plots, fields, quarries, and other properties. However, there is an exemption figure set for each year, which determines whether or not you are liable to pay taxes on the gains from your transaction.

For 2023, the exemption figure is 55,000 lira. This means that if the difference in the sale price of your property is less than this amount, you are not required to pay capital gains tax. Furthermore, this exemption figure increases every year, with the 2024 figure set at 87,000 lira.

When it comes to making these tax payments, individuals have the option to pay in two installments in March and July. Payments can be conveniently made online through the Ready Declaration System or at the tax office, making the process simple and accessible for all taxpayers.

Overall, the new era in real estate buying and selling brings with it important tax considerations that individuals must be aware of. By understanding the details and conditions of the declaration period, individuals can ensure compliance with tax obligations and avoid any potential penalties or fines.

 

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