Income Tax: when is it mandatory to declare earnings from property rentals? – State of Minas

Many taxpayers have doubts about whether they should declare income from property rentals in Income Tax. In practice, the answer lies in the amount raised per month from this activity.

If the taxpayer received less than R$2,259 from rented properties per month, he is within the exemption limit of the Federal Revenue’s monthly progressive table and does not need to declare.

The deadline to submit the declaration in 2024 is May 31st.

Read too: Income Tax 2024: 10 frequently asked questions when making a declaration

In the case of receiving rent from an individual, the carnê-leão can assist in determining the tax to be paid.

If the taxpayer has not filled out the carnet leão during the year, he must report the earnings so that the IRS can determine the amount to be paid in the IR adjustment declaration.

Rental income received from individuals must be reported in the “Income Received from Individuals and Abroad” form.

Gains from property rentals collected by legal entities must be reported in the “Taxable Income Received from Legal Entities” form.

How to declare rent payment on IR?

The amount paid in rent must be reported in its entirety, referring to 2023 expenses, in the “Payments Made” form, in the “Property rentals” code.

In the field, it is necessary to fill in the CPF or CNPJ of the property owner, in addition to the name of the person or company.

In the description, the taxpayer must enter the details of the rental contract and property information. Other property expenses, such as condominium fees and IPTU, are not included in the calculation.