Income tax on rent, worked example, in Colombia
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| Non-resident couple´s rental income1 | ||||
| Monthly Rental Income2 | 1,500 | 6,000 | 12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less: Expenses3 | 25% | 4,500 | 18,000 | 36,000 |
| = Taxable Income | 13,500 | 54,000 | 108,000 | |
| Income Tax Rates4 | ||||
| Flat rate | 33% | 4,455 | 17,820 | 35,640 |
| Annual Income Tax Due | 4,455 | 17,820 | 35,640 | |
| Tax Due as % of Gross Income | 24.75% | 24.75% | 24.75% | |
Thanks to: |
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Notes
1 The property is jointly owned by husband and wife.
2 Exchange rate used: 1.00 USD = 2895.00 COP
3 Estimated values. Income-generating expenses are deductible when calculating taxable income.
4 Rental income earned by nonresident individuals is taxed at a flat rate of 33%.