Income tax on rent, worked example, in Greece
March 14, 2018
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 EUR = 1.00 EUR
3 A standard deduction of 40% is allowed to account for income-generating expenses.
Taxpayers may choose itemized deductions instead of availing the standard deduction, but the expenses must be supported by valid invoices.
4A deduction of 10% is allowed for depreciation expense.
5 Rental income earned by nonresident individuals are taxed at progressive rates.
INCOME TAX ON REAL ESTATE 2017
|TAXABLE INCOME, €||TAX RATE|
|Up to € 12,000||15|
|€12,000 - € 35,000||35%|
|Over € 35,000||45%|