Do I have to declare the sales I make second-hand in IRS?

Need a little more room in your budget? You can turn to other options, alongside second-hand sales. Do you have credits and insurance? The credit intermediaries and insurance mediators at Poupança no Minuto can help you lower installments: Learn about the options by contacting us!

I have to declare second-hand sales income on IRS?  

Currently, and according to DECO PROteste, it is not necessary to declare in IRS the gains obtained through second-hand sales.

"The sale of goods between individuals (books, clothes, etc.) is not subject to IRS or any other tax, so it does not have to be declared. It is possible that the rules will change, but not right away", explains DECO to Notícias ao Minuto.  

However, the news also states that the Directive in this regard has already been transposed and "among other changes introduced, there is a distinction provided between ordinary sellers who get rid of items because they no longer use them or because they need the money, and professional sellers".

In addition, "it is also envisaged that the platforms communicate data about sellers considered active to the Tax Authority. It is enough for them to be residents of a Member State and not excluded sellers. It is worth remembering that an excluded seller is considered to be one who records less than 30 annual transactions and whose financial consideration does not exceed two thousand euros in one year," explains DECO, cited in the news.

In this sense, DECO also adds that it is "necessary to impose rules, but some information required about individuals may prove to be excessive, as is the case with the seller's date of birth".

Therefore, vendors should carefully read the terms and conditions, as well as "any changes to them, since the rules regarding data communication are included in this document," concludes the news.

If you want to increase your savings, consider other options beyond selling second-hand products. If you have loans and/or insurance contracts, review the conditions of the products, renegotiate with the banks, see if you can transfer them to access better offers, or consider a consolidated loan to combine several financing into a single, lower installment.

Are you interested in any of these options? Contact the credit intermediaries and insurance brokers from Poupança no Minuto and find out how much you can save with these products!