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How to declare property and car in Income Tax

One of the biggest doubts that Income Tax (IR) taxpayers have is when filling out the declaration of assets, such as car and real estate. Although the procedures are similar, it is necessary to be aware of the differences when informing the sale of goods. As for real estate, you need to be aware of gains with the appreciation between the purchase and sale of the good.

In this way, you will be exempt from income tax on capital gains in the following cases: if you buy another residential property within six months of the sale or use the sale proceeds to pay off previously acquired real estate financing.

Filling in data in the IR

In order to properly declare the properties in the IR, it is first necessary to inform the financing only in the Assets and rights form, similar to vehicle financing. However, those who bought a property last year must open an item in the Assets and Rights form and inform the code corresponding to each type of property. It is worth mentioning that each type of property has its code in group 1.

Thus, if you bought the property last year, enter the value zero in “Situation on 12/31/2020”, or the purchase value, if you bought it in other years. In the “Status on 12/31/2021” field, simply repeat the purchase amount.

As for the “Discrimination” field, it is necessary to detail information about the seller of the property, such as name, CPF, National Registry of Legal Entities (CNPJ) and inform whether the purchase was in cash or financed, among others.

Thus, with each declaration, the buyer will inform the sum of the amounts paid in the previous year, until the installments are completed. Thereafter, the total amount paid must be repeated every year, as long as the taxpayer is the owner.

In the case of vehicles, you will basically repeat the same process. However, the codes for this type of good are in group 2.

If you purchased the vehicle in the previous year, inform the vehicle data (model, year of manufacture and license plate) and the seller (name, CPF or CNPJ) and the payment method in the “Discrimination” field. If you purchased the vehicle used, you can find this information on the copy of the transfer document.

Remembering that not all citizens must declare the IR, only those who fit the criteria of the Federal Revenue. That way, know that if you are required to make the declaration, it is necessary to inform the vehicle, regardless of the value.

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