Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Buying Property in Calis Beach, Fethiye and Turkey => Topic started by: helen on August 27, 2009, 15:14:10 PM
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Does anyone know how much tax you pay when you sell your property
we bought in january 2009 and are looking to sell our apartment and want to by something else here so the money will be reinvested in turkey.
thanx
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25% of the declared profit
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scunner this is our sole property we have no property in the uk so does this ammount still apply?
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Sadly yes.
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what does the "declared" profit mean. ;)Bee
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The difference between the untrue value on your current tapu and the untrue value to be put on your purchaser's new tapu :D
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so say hypertheticaly, you paid £85000 but you tapu says £60.000 then you sell it £100.000 you would pay £10.000 tax .Bev
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Yep.
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Is there a sliding scale (percentage of tax)over the four or five years from purchase date?
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Yes, keep it for 5 years and pay nothing. 4 years if you bought it before 2005ish, I can't remember and I'm going out :D
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Oh I should say that's 5 years from the date of your tapu, not 5 years from the day you agreed to buy it or 5 years from when you paid for it and the agent stuck it in the bank for 3 years.
Bye :)
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we were told 4 years,from 2006, our Tapu came through oct 06, is it 4 years or 5.Bee
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is there any element of exempt from tax like in the UK, £9600 per year and if property in jnt names then than doubles ??
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www.turkisheconomy.org.uk/buyingproperty/property_taxes.htm
Details are on that site I think.
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Bee,
Yours is still 4 years. It changed to 5 years for properties purchased after 1st January 2007.
However, TL 7,600 of the gain attained from sale is exempted from income tax starting from 1st January 2009. (TL6,800 in 2008) So, there is a small Tax-Free Allowance.
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Thanks kkob, think I understand it :)
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Is the tax deducted at source before you receive the money or retrospectively as a tax year end declaration as you do with rental income.
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So someone IS making a profit from a sale then!