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The Federal Government recently announced an important change for taxpayers who own real estate. The exemption limit for declaring the Income Tax (IR) on the sale value of properties rose from R$ 300 thousand to R$ 800 thousand.
This change directly impacts those who own lower-value properties, as they will be exempt from paying tax on the profit obtained from the sale of the property, as long as the transaction value does not exceed R$1,400,000.
Changes in IR
The change in income tax rules aims to stimulate the real estate market, generating greater movement and facilitating the purchase and sale of properties. In addition, the measure also seeks to stimulate the economy as a whole, since the sale of properties moves several other sectors.
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It is important to note that the rule only applies to properties used as housing, i.e. residential properties. Commercial properties, land and other types of properties do not fall under this exemption.
With this change, it is essential that taxpayers pay attention when filing their Income Tax return. For those who own properties within the new exemption limit, it is necessary to inform the sales data in the return, however, the tax corresponding to the profit obtained in the transaction will not need to be paid.
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For those who own properties worth more than R$800,000, the exemption amount remains the same, and it is necessary to calculate the tax on the profit obtained from the sale.
It is important to remember that the change in income tax rules does not exempt the taxpayer from declaring the sale of the property. The declaration of real estate purchase and sale transactions remains mandatory.
ATTENTION: There will be no exemption from fees
It is also worth noting that exemption from income tax on the sale of real estate does not mean exemption from other taxes and fees related to real estate transactions. Taxes such as ITBI (Property Transfer Tax) and notary fees, for example, continue to be due.
In short, the change in income tax rules brings benefits to taxpayers who own properties with a sales value of less than R$1,400,000, since they are exempt from paying tax on the profit obtained from the transaction. However, it is necessary to be aware of other tax obligations related to the real estate transaction.
It is always recommended to seek professional guidance when carrying out the declaration of IR, especially when it comes to real estate transactions. This way, it is possible to ensure that all tax obligations are fulfilled correctly, avoiding future problems with the Federal Revenue Service.
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