Income Tax 2024: find out how to declare a financed property

[ad_1]

Information about the installment of the property in IR 2024 must be gathered in the assets and rights form. Taxpayers must declare the amount actually paid in the year, not the value of the property. Home income tax stamp 2024 art/g1 If you financed the purchase of a property and were paying the installments until December 31, 2023, you will need to fill in all the information regarding this loan in your Income Tax declaration. But attention is needed, since the declaration of a property financed in Income Tax has two gotchas that can confuse the taxpayer: ▶️ WHERE TO DECLAR: The first is that the financing must be declared in the “Assets and Rights” form, and not in that of “Real Debts and Liens”. ▶️ VALUE TO DECLARE: The second is that the declared value must be the amount actually paid that year, and not the market value of the property. Experts advise that taxpayers request the debt income report provided by the financial institution and the FGTS income report provided by Caixa Econômica Federal to help fill out the declaration. See below some common situations when filling out the financed property declaration. READ MORE Find out everything about Income Tax 2024 See how to file a declaration See who is required to declare See how to download the program See the refund batch calendar Income Tax: Who must declare? New financing If the taxpayer purchased the property in the tax base year (2023), he needs to enter the balance of R$0.00 in December 2022 in the respective form. In the balance for December 2023, he must add all amounts spent on acquiring the property: down payment, brokerage, taxes and financing installments paid until December (including interest and embedded fees). Old financing If the property has been financed in previous years, the taxpayer must record as a balance in December 2022 everything he has paid up until then. In the balance of 2023, it will add this amount to the financing installments paid over the past year. Use of FGTS If the buyer has used resources from the Service Time Guarantee Fund (FGTS) to purchase the property, he or she must inform the amount withdrawn in the “Exempt and Non-Taxable Income” form. This way, he can prove that he had enough income for the purchase. The value must also be entered in the “Discrimination” field of the “Assets and Rights” form. Improvements In the case of improvements or renovations to the property, the amount invested can be added to the total value of the asset – as long as you have proof of this. In this case, it is also necessary to describe the reform carried out. The value of the property declared (both payment and renovations) does not change the refund or payment that the taxpayer will receive, regardless of the type of declaration. But it makes up the cost of acquiring the property. The value is important in cases where the person decides to sell the property. In case of sale, the acquisition cost will be deducted from the sales price to provide information on any possible special gain. Financing made by couples In financing contracts signed by couples, it is most appropriate for the declaration of payment of installments to be made by only one of the two taxpayers. In the declaration of the taxpayer who does not inform the assets and rights – in this case, financing –, it is necessary to detail that the common assets and rights have already been declared by the spouse or partner in the “Discrimination” field, under the code “99 – Others”. The name and CPF of the partner must also be informed, in addition to an amount of R$0.00 in the balance on December 31, 2023. Who is required to declare Income Tax in 2024, who received taxable income above R$ 30,639.90 in 2023. The value is slightly higher than that of last year’s income tax declaration (R$ 28,559.70) due to the expansion of the exemption range since May of last year; taxpayers who received exempt, non-taxable or taxed income exclusively at source, the sum of which exceeded R$200,000 last year; whoever obtained, in any month of 2023, capital gain on the sale of assets or rights, subject to the incidence of tax, or carried out operations on stock, commodity, futures and similar exchanges whose sum was greater than R$40 thousand, or with calculation of net gains subject to tax; those who were exempt from tax on capital gains on the sale of residential properties, followed by the acquisition of another residential property within 180 days; who had, in 2023, gross revenue worth more than R$153,199.50 in rural activity (compared to R$142,798.50 in 2022); who had, until December 31, 2023, possession or ownership of goods or rights, including bare land, with a total value of more than R$800 thousand (compared to R$300 thousand in 2022); who became resident in Brazil in any month and was in this condition until December 31, 2023; whoever chose to declare the assets, rights and obligations held by the controlled entity, directly or indirectly, abroad as if they were held directly by the individual; Has a trust abroad; Want to update assets abroad.

[ad_2]

Source link