Renovation of the property can reduce taxes on Rental Properties

Apartment buildings in Athens / Photo: Eurokinissi

The income from rentals has a tax rate starting from 15% for income up to 12,000. The additional taxes that the property owners are required to pay are ENFIA, but also the supplement ENFIA, if the value of the property exceeds 200,000 euros.

What about renovations

The owners of property may reduce the tax burden, the repair costs, since many people decide to renovate the houses for them to raise short-term hiring digital platforms like Airbnb.

For those who incurred repair, maintenance and renovation costs in 2018, a 5% discount on gross rental income is recognized automatically when the tax statement is cleared, as a total amount of annual expenditure. 

It is noted that the filing does not require the addition of any amount in the tax return or the collection of the relevant supporting documents.

Source- iefimerida.gr 

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!