IR 2024: Did you buy it or do you have dollars saved? Find out how to make a declaration

The deadline for submitting Income Tax 2024 ends on May 31st and many doubts still surround the taxpayer. Does anyone who has purchased or has dollars saved at home need to declare these amounts?

If you have currency in stock or a balance in a bank account abroad, you must declare it to the IRS, as explained by the bank specialized in foreign exchange Travelex Bank. See how to declare.

+IR 2024: deadline to choose to pay by automatic debit ends on the 10th; see rules

Currency in stock

In relation to currency in stock, that is, cash or card money (prepaid or travel money), a category commonly used by people who acquire dollars gradually to use on a trip, as a financial reserve or to sell in the future, the The taxpayer will need to select the “Assets and Rights” form, choose Group 6 (demand deposit and cash) and code 64 (cash – foreign currency).

After that, the taxpayer will need to fill out the breakdown form with details of the nature of the currency (dollars, in this case) and the total amount, in addition to the institution’s CNPJ, if it is on a prepaid card. Next, you need to enter the “Status until 12/31/2023”.

Balance abroad

The balance in the bank account abroad, as the name suggests, is the category that requires the declaration of the amount you have allocated to an institution outside Brazil. The bank or broker that you have hired for this service usually indicates in a didactic way how to extract the correct information to include in the IR. The taxpayer must classify the value in the “Assets and Rights” form, however, only if the value of the currency exceeds the R＄ 140 range.

Other cases

In addition to these more common cases, there are other categories involving foreign currencies that need to be included in the Income Tax declaration. These include: payment of bills abroad, investments in foreign currency – such as foreign exchange funds or US treasury bonds – and transfer of currency between national and international accounts.