Any acquisition or sale made during 2021 must be informed. Inheritance, rents and renovations must be declared

The declaration of properties in the Income Tax requires a series of important precautions to avoid filling errors that can lead the taxpayer to the fine mesh of the Revenue. Property details, such as whether it was purchased in cash, financed or received through inheritance or donation, must be properly detailed on the form.

There are many details, but organizing in advance avoids mistakes and headaches with the Lion. “Based on the property acquisition deed, the taxpayer must enter the values ​​in the Property/Law section. The important thing is to pay attention to the amount stated in the deed”, explained Arnaldo dos Santos Júnior, director of the Union of Accounting Services Companies of Rio de Janeiro (Sescon-RJ).

Any acquisition made in 2013 must be reported to the Internal Revenue Service. The entry in the form must be made with specific details of the negotiation, such as the total value of the deal, seller data, property address and payment method. If the taxpayer does not yet have the deed , it is important to declare the purchase and sale promise. "The promise of purchase and sale already gives the taxpayer partial ownership of the property," warned Santos. This tip is also valid for taxpayers who bought a property on the plant. In this situation, the declarant must, from the first installment paid to the construction company, declare the amounts in the Income Tax.

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Financing

Those who purchased the property through financing must inform the “Properties and Rights” form only the amount actually paid for the property in 2013, and not its total value. In no way, the total value of the property must be informed because it does not actually belong to the taxpayer, but to the bank or finance company. "Informing the total value of the property in case of financing is one of the most common mistakes in this section of the form", said the consultant.

Santos explains that the reasoning is the same that should be followed for those who joined a consortium to buy a property: initially, it is only necessary to inform the expenses with the installments. After contemplation, however, it will be necessary to inform the total value of the property, which includes the sum of all installments paid and the bid, if applicable.

To avoid inconsistency with the values ​​of the property purchased, it is important to pay attention to the total value of the property or the value that has already been paid through installments in the financing. Typically, in the case of property under construction, the builder provides an annual payment report. In the case of financing, banks and finance companies provide an information on the payments made during the year, which prevents errors in filling it out. It is worth remembering that the total value of the property can be added to the costs of brokerage and deed fees.

Inheritance and donations

The director of Direto Contabilidade Gestão e Consultoria, Silvinei Toffanin, gives tips for declaring taxpayers who have received a property by inheritance or donation. In this case, the taxpayer will enter in the Assets and Rights section the real estate and securities values ​​and the sum of everything received (inheritance value) in the exempt and non-taxable income form in the line "patrimonial transfers: donations and inheritance". It is worth reminding the taxpayer that upon being informed of the amount in this line, the State Finance Department will verify that the ITCMD (Donation and Inheritance Tax) has been collected.

If the property received is still in inventory, the values ​​should only be released after the inventory closes. Meanwhile, the deceased's estate must be made, indicating an inventor.

Shopping together

If the purchase of the property was made by two people who are not married, such as lovers or engaged couples, both need to inform, in their own statements, how much they paid individually. If the purchase contract does not stipulate the percentage of each one, this value must be declared in equal parts. “If the couple sends a joint statement, they must inform the total value of the property and the conditions of purchase in the “Properties and Rights” form”, explained consultant Arnaldo Santos Júnior.

Another option to declare the tax on this property is for one of the spouses to inform the entire amount on their declaration. In this case, the other needs to report that the commons are in another declaration.

Sale and renovations

The properties sold must be written off in the assets and rights form and the annex of the capital gain completed through the GCAP program of the Federal Revenue, in which the taxpayer will inform who bought, by how much, on what date and the cost of acquisition and amount due. of income tax on the transaction. The GCAP program is carried over to the IR declaration program. In the form, the sale must be explained in detail in the “Discrimination” field of the “Property and Rights” form, with the buyer's data (name, CPF and value of the deed or contract).

In case of renovations in real estate, the taxpayer must inform, in the field "Discrimination" of the property, that a renovation or improvement has been carried out, detailing the total amount paid. Santos recalls that, in the declaration, only "the amount that the taxpayer can prove, such as bills and receipts for expenses with labor or purchase of materials" must be included. In the field "Situation on 12/31/2012", put the acquisition value of the asset. In the field "Situation on 12/31/2013", inform the acquisition value, plus the value of the costs proven for the improvement.

If the property acquired before 1988, the release of the improvement is informed in the 'Property and Rights' form, as if it were an autonomous property, under code 17.

Rents

If the property is managed by a property manager, it is necessary to request the Income Report and enter it as received from this manager, in the taxable income field. Remember that you must declare in the "Payments" field the commission amounts paid to this administrator. If the property is not managed, it must be recorded as income received from an individual.