Real estate capital gains with new rules for sale

Económico Madeira with DECO
21 October 2024, 07h45

Another measure related to consumer housing came into force on 11 September, aimed at strengthening incentives for those selling and buying homes. The measure concerns the criteria for exemption from capital gains on the sale of own permanent housing.

We would like to emphasise straight away that this legislative change does not have retroactive effects, so in 2024 two tax regimes will come into force simultaneously. One for consumers who sell their own permanent home by 10 September and another for those who sell after that date.

So if you're thinking of benefiting from the capital gains exemption scheme, know the different rules depending on when the property was sold.

Please note: if the sale took place before 10 September, the old regime applies, but if the sale took place after that date, the new regime applies.

What has changed?

Instead of the 24 months required for the property to be considered a family home before the sale, it is only required that it has been so for the last 12 months prior to the date of transfer.

Even so, there are exceptions, such as changes in the composition of the respective household due to marriage or de facto union, dissolution of the marriage or de facto union, or an increase in the number of dependents.

Another change introduced by the new measure is that families will be able to benefit at all times from this IRS exemption scheme on capital gains from the sale of the property, as the criterion that excluded those who had already benefited from this scheme in the year in which the gains were made and in the previous 3 years has been removed.

Source: Jornaleconomico