Guide to IRS Anexo G1: Declaration of Capital Gains

Table of Contents

Description

What is it?

IRS Anexo G1 is a specific annex required in the Portuguese tax return (IRS) to declare capital gains obtained from the disposal of assets, such as stocks, bonds, or other securities held for more than 365 days. Recently, it also encompasses gains from cryptocurrencies, when applicable.

Who needs it?

This annex is necessary for taxpayers who:

  • Have realized capital gains from the sale of securities held for over a year.
  • Hold cryptocurrencies and have disposed of them, generating gains that need to be declared in their annual IRS return.
  • Are subject to tax obligations in Portugal.

Procedure

  1. Access the Portuguese Tax Authority Portal:

  2. Log in to your account:

    • Use your NIF (Número de Identificação Fiscal) and password to log in. If you don’t have an account, you need to register first.

  3. Navigate to the IRS section:

    • On the homepage, select the option for “Entregar Declaração” (Submit Declaration).

  4. Select the appropriate form:

    • Choose the IRS Form for the relevant tax year and begin filling it out.

  5. Include Anexo G1:

    • Within the tax return form, find the section to add annexes and select Anexo G1.

  6. Fill in the details:

    • For capital gains from securities, include details such as the type of securities, acquisition date, disposal date, and the respective amounts.
    • For cryptocurrency gains, provide the relevant information regarding the acquisition and disposal transactions.

  7. Review and submit:

    • Verify all the information entered is correct and complete.
    • Submit the completed tax return form, ensuring you have included Anexo G1.

  8. Retain a copy:

    • Keep a copy of the submission for your records as confirmation.

Required Documents

  • Proof of acquisition and disposal of the securities/cryptocurrencies.
  • Transaction records, including purchase and sale dates and amounts.
  • Any documentation from the financial institutions or cryptocurrency exchanges involved.

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Additional details

  • It’s crucial to keep accurate records of all transactions to ensure you can support the figures declared in Anexo G1.
  • Taxpayers who have held cryptocurrencies for over a year but haven’t yet sold them are not required to declare these holdings in Anexo G1.
  • Always consult with a tax advisor if you’re uncertain about the details or have complex transactions to declare.

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