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Good morning Leonardo. Thank you for an excellent and enlightening article.
My question concerns the payment of capital gains on the sale of an inherited property received by a non-resident. If the property is old, it is possible to update the value of the inherited property to the market price in order to receive tax exemption as stated below. How does this work for non-residents? It seems to me that these amounts are calculated and paid when you file your income tax return, but what about non-residents who don't file an income tax return?
"For old properties bought by the deceased before 1969, the capital gains tax exemption is total. Properties purchased between 1970 and 1988 have a partial tax benefit, which varies from 95% discount on the capital gain for the property purchased in 1970 to 5% discount for the property purchased in 1988. The benefit decreases by 5% each year. Properties purchased before 1996 are also entitled to a 70% reduction on the capital gain. This discount is cumulative with the extra benefit mentioned above for properties bought before 1989."
Good morning Dr. Vinícius. Thank you for an excellent and enlightening article. My question concerns the payment of capital gains on the sale of an inherited property received by a non-resident. If the property is old, is it possible to update the value of the inherited property to the market price in order to receive tax exemption as stated below. How does this work for non-residents? It seems to me that these values are calculated and paid when you file your income tax return, but what about non-residents who don't file an income tax return? "For old properties, bought by the deceased before 1969, the exemption from capital gains tax is total. Properties acquired between 1970 and 1988 have a partial tax benefit, which varies from 95% discount on the capital gain for the property bought in 1970 to 5% discount for the property acquired in 1988. The benefit decreases by 5% each year. Properties purchased before 1996 are also entitled to a 70% reduction on the capital gain. This discount is cumulative with the extra benefit mentioned above for properties bought before 1989."
