Taxes when selling property with undervalued Tapu?
Hello

We are thinking of selling our house in Akbuk which we have owned for 4 years around Sept time. We are selling it because we dont get the time to use it and want to have what little holiday time we have to visit my parents in Cyprus. The value on the Tapu is much less than we actually paid. I am right in believing after 4 years of owning the Tapu you do not pay any Cap Gains tax? As the value is much lower than what we paid on Tapu we dont want to have to pay a huge tax bill. We can wait till the 4 years is up if that is the case. We will also prob sell the property for less than we actually paid. Can anyone tell us the tax rate will be before and or after the 4 years? We are hoping we will not have to pay any tax as we will be selling the house for less then we actually paid.

Has anyone sold their house in Turkey and been through this process or know of a good financial advisor who speaks English who deals with property and taxes etc? Our place is in Akbuk,,

Thanks

Rachel....
 

RIK

Member
Taxes when selling property with undervalued Tapu?
Rachel, I remember that they changed the law regarding CGT a couple of years ago and it then became 5 years before selling and paying no CGT.Forgotten what the tax amount was but maybe Mushtaq or Ms who maybe able to answer.

Ian
 
Taxes when selling property with undervalued Tapu?
Rachel, I remember that they changed the law regarding CGT a couple of years ago and it then became 5 years before selling and paying no CGT.Forgotten what the tax amount was but maybe Mushtaq or Ms who maybe able to answer.

Ian



Hello

thanks for your reply. I thought the 5 year thing was for new properties? Our property is about 10 years old.......

cheers
 
Taxes when selling property with undervalued Tapu?
Hi,, I looked under capital gains tax turkey,, and it said,,if the date on your tapu is before 1st jan 2007 then its 4 yrs,,after that date its 5yrs. I think that this is correct..
 
Taxes when selling property with undervalued Tapu?
Yes,that is correct.So if you sell after 6TH SEPT. 2010 you are NOT liable for Capital Gains Tax



thanks so much,,, so well worth waiting till next sept then,, will redecorate it next spring and prepare it and take home things I wish to keep,,,,


all the best
 

yalimart

The Carnwath Massive
Taxes when selling property with undervalued Tapu?
the capital gains tax is levied on the net gain, remember you have your uk allowances of £10,100 each providing you owned it jointly, the rate is a flat 18% this year.

there is a very good section on it on the hmrc website or check out the ailo.org website

martin
 
Taxes when selling property with undervalued Tapu?
the capital gains tax is levied on the net gain, remember you have your uk allowances of £10,100 each providing you owned it jointly, the rate is a flat 18% this year.

there is a very good section on it on the hmrc website or check out the ailo.org website

martin



We do own it jointly and will be selling at a loss. Thanks for your reply...
 

jcrian

Member
Taxes when selling property with undervalued Tapu?
Sorry to hear you're selling Rachael as you were so enthusiastic when you were buying and furnishing your property and were talking about moving there fulltime.
 

matty

Member
Taxes when selling property with undervalued Tapu?
Sorry to hear you're selling Rachael as you were so enthusiastic when you were buying and furnishing your property and were talking about moving there fulltime.

Me too Rachel!.. Anyway Good Luck with your sale and future plans.

Matty
 
Taxes when selling property with undervalued Tapu?
Thanks everyone. My Dad has not been too well so want to spend all my free time, hols with him in sunny Cyprus.....


cheers
 
Taxes when selling property with undervalued Tapu?
Will still visit Turkey once house is sold for sure....Just stay in Hotels and or rent places etc, but after visiting my parents first for a few hols...and will not have the worry or upkeep of my own house so will not have to worry about leaving it for long periods etc...

Turkey will always be a part of my life and hope to travel other parts of it in the future for sure....
 

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