Sold a house from 2022? You may be exempt from capital gains tax. Learn how.
Did you know that if you sell a house between 2022 and 2024, you may be exempt from paying the respective capital gains? This is a housing support measure from the government. Understand what requirements it involves next.
Need to sell a property in 2024? Throughout this year, you are still entitled to exemption from capital gains. To proceed with the process, talk to a real estate consultant from Casa no Minuto and start your process today. Or first read what requirements you need to meet to be eligible for this support.
What are the requirements to be exempt from capital gains on a house I sold?
Due to the current scenario we are facing of rising interest rates and inflation, the Government has approved a package of measures that support the Portuguese people in the face of the housing crisis. In this context, a law on capital gains has been approved to help homeowners who have sold houses from 2022.
Whether it's selling second homes or building plots, from 2022 to 2024, sellers may be exempt from paying capital gains tax, provided that the sale proceeds are used to repay a mortgage for a primary residence.
Law 56/2023 was approved last October, along with other measures to support housing, such as a special and transitional regime for the taxation of capital gains.
Therefore, income from the onerous transfer of land for construction and properties that are not intended for the taxpayer's own permanent residence or their household members is exempt from IRS taxation.
To be entitled to exemption, however, you must meet two requirements: the amount earned from the sale, after the housing credit granted for its acquisition has been amortized, must be applied to the amortization of another housing credit, but for the taxpayer's own and permanent purposes or his family; as well as make this application within three months from the date of the sale.
Sales included in the right to this exemption are all those that occurred between January 1, 2022 and December 31, 2024.
Sell a house in 2024: Ask for help
If you need to sell a house during this year, it may be simpler to turn to a real estate agency.
Know that the real estate consultants of Casa no Minuto take care of everything for you, from bureaucracy, to mediating with the buyer, to the final moment of the deed. Contact Casa no Minuto and sell your house in record time!
And if you still need mortgage credit to finance the purchase of another property, rely on the credit intermediaries from Poupança no Minuto, for a free mediation service.