# Tax selling property



## SandraDee. (Jul 8, 2021)

Hello 
I was wondering about taxes and fees regarding selling property in Portugal and bringing the funds to Canada to buy a home. 
Bit of background, I'm a Canadian with Portuguese duel citizenship currently living in Canada and planning to stay here, my father passed and left me property in Portugal and now I'm looking to sell there and buy here. What taxes and fees will I have to pay?
Any help/direction and information would be appreciated. Thank you.


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## LuciaFragoso (Jul 15, 2020)

Hi, 
My name is Lucia Fragoso and I work on that field in Lisbon. I can answer your questions. I just need to understand a little more about what kind of property and some other topics. If you would like me to help you, feel free to contact me. 
Thank you
Kind regards 
Lúcia Fragoso


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## Nuno MC (Jun 7, 2021)

Hi Sandra, my condolences for your father.

I'm a realtor in Cascais, Lisbon an this is the information I can give with the info provided:

The calculation of the capital gains of an inherited property is done in the same way as the calculation of another property sold.

Capital gains referring to a property are the difference between the price at which it was sold and the value at which it was purchased. Capital gains are considered when the difference is positive, that is, when there is a profit.

Considering that you inherited the property in 2020/21 and that you have not made improvements to it, you can use this formula: Capital gains = Sale value - acquisition value - purchase and sale charges

The acquisition value of these properties, in the case of goods acquired free of charge, corresponds to that considered for the settlement of the Stamp Duty, in accordance with number 1 of article 45 of the IRS Code. Basically the value declared for tax purposes when you received the property.

The purchase and sale charges relate to the stamp duty paid on the inheritance, and eventually the commission you will pat a real estate agent with the sale.

Capital gains are subject to Finance taxation. Capital gains referring to real estate are taxed at the autonomous rate of 28% (IRS Code, art. 72 nº1)

Any other question, please contact me through www.nmcteam.pt
Hope this helps, bye for now


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