R$150,000 condo- need to file tax return?

[jimexton]

Hi

I am an overseas investor, renting out a R$150,000 condo. rental income is R$8,000 pa.

on the thread 'Start Here- Absolute Basics of Investing in Brazil' it says tax returns are only needed for properties valued at R$300,00+ (item 6).

as my condo is valued at only R$150,000, i assume i do not need to file a return. do i need to pay any CGT on my rental income?

thanks
james

 

[growler]

I don't know about the USA but if you are a UK resident I believe you have to declare the income on your UK tax return.

In Brazil, income is generally taxed depending on what you earn but I don't know specifics, however, i'm sure someone will respond soon.

 

[penelopy]

Hi James, you`ll need to do a tax return on your property in Brasil through the Receita Federal.It`s an annual declaration .If you fail to declare it and then wish to sell it and transfer money out of Brasil it will be difficult.Do the return it`s safer than not. Hope this helps.

Hi

I am an overseas investor, renting out a R$150,000 condo. rental income is R$8,000 pa.

on the thread 'Start Here- Absolute Basics of Investing in Brazil' it says tax returns are only needed for properties valued at R$300,00+ (item 6).

as my condo is valued at only R$150,000, i assume i do not need to file a return. do i need to pay any CGT on my rental income?

thanks
james

 

[jimexton]

First of all, how is the income being sent to you and is it being taxed already? CGT is capital gains tax and rental income is not a capital gain.

Regards,
Rob.

thanks rob. at the moment the rent is with my letting agent in brazil. i'm going there in march so i can pick up the rent.

 

[jimexton]

thanks penelope. when i'm in brazil in march i'll call into the receita federal. i've been told the returns have to be submitted by april.