Selling property before or after inherited

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pscarson Member

Member since 09 November 2022

pscarsonMember27 June 2024 12:33:33

Hello!!

Anyone able to explain all the Portuguese taxes and fees related to selling property in Sao Miguel that was inherited and for property that wasn't inherited? selling for $100,000 And $150,000. Are all the taxes and charges automatically withdrawn from the sold price. For instance capital gains??

We currently live in Canada.

And for any Canadians out there that may know firsthand, how are capital gains reported in each scenario back in canada??

Thank you advance for your responses.

Ana Rio ImobiliÃ¡ria New member

Member since 05 April 2021

Ana Rio ImobiliÃ¡riaNew member27 June 2024 15:50:43

There are no taxers for the seller at the deed signature. But, you will need to declare the sale, and pay profit gain tax in the following year's income tax, IRS, season.

The inherited item has a tax value, that value will be used as the purchase value to calculate the profit.

TonyJ1 Contributor

Member since 25 March 2014

TonyJ1Contributor01 July 2024 18:53:37

162

You submit a tax return with the selling price, claiming cost (inherited value - patrimonial value at date of death), selling expenses, costs of legalising property in your name (if that was done), other direct costs relating to the sale of the property

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