Turkey Tax Agency Issues Guidance on Taxation of Gains from Specified Real Estate Sales

The Turkish Revenue Administration Feb. 17 issued Publication No. 583, on the capital gains taxation of income from real estate sales. The publication provides that: 1) gains from full or partial sales of real estate held for five or more years, or sold by individuals continuously engaged in buying and selling real estate, is taxed as commercial income; 2) income arising from non-commercial sales of real estate within five years from acquisition is subject to capital gains, unless acquired through inheritance; 3) capital gains from real estate sales up to 120,000 Turkish lira (US$2,742) are exempt from taxation in 2025, ...