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IntermediateBrazilian REITs · Lesson I5.2 · Module I5

Sold REIT shares: 20%, DARF and losses

Module I5: Income tax for unitholders

12 slides~5 minquiz at the end

In this lesson

  • Average price and net gain
  • DARF 6015 by the end of the next month
  • REIT losses and the 0.005% withholding
See the slides
Calculator and pen on a sheet with a chart

Brazilian REITs · Lesson I5.2

Sold shares at a profit? The math is on you

Average price, 20%, losses and the DARF tax slip, the way the tax authority expects.

Not the same as stocks

When selling, REITs have their own rule

StocksREIT
Sales up to R$ 20,000 a monthexempttaxed
Profit on regular trades15%20%
Profit on day trades20%20%
Who paysyou, via DARFyou, via DARF

Receita Federal IN 1,585/2015, arts. 37, 59 and 65. Rule in force in Sept. 2026.

Step 1 · average price

Two purchases become one price

100 × R$ 90+100 × R$ 110=R$ 20,000200 shares
R$ 20,000÷200 shares=R$ 100average price

Brokerage fees on the purchase go into the cost. Here, no fees to keep the math clean.

Step 2 · the gain

In March, sell 150 at R$ 120

150 × R$ 120=R$ 18,000sale value
150 × (R$ 120 − R$ 100)=R$ 3,000gain

The 50 remaining shares keep the R$ 100 average price.

Two separate vaults

REIT losses only offset REIT gains

Loss on REITs

  • Offsets REIT gains
  • No expiry: carries into later months and years

Loss on stocks

  • Does not offset REIT gains
  • Stays in the stock vault

IN 1,585/2015, art. 37, § 2. Day trade losses only offset day trade gains.

Step 3 · the DARF

There was a R$ 2,000 REIT loss

R$ 3,000March gain−R$ 2,000January loss=R$ 1,000taxable base
R$ 1,000×20%=R$ 200DARF

Code 6015, by the last business day of April.

The “snitch” withholding

The broker withholds a tiny bit on sales

0.005%

of the sale value, which you deduct from the DARF

Sold R$ 100,000? R$ 5 is withheld. Up to R$ 1 in the month, nothing is: on the example's R$ 18,000, the R$ 0.90 was waived.

IN 1,585/2015, art. 63.

The calendar

From the sale to the annual return

  1. MarchSellthe trade note shows the sale and withholding
  2. Month endCalculateREIT gains − losses for the month
  3. By April's last business dayPay DARF 6015late means fines and interest
  4. Annual returnReport month by monthvariable income section (lesson I5.3)

Remember this

Three ideas from this lesson

  1. 20% on the gainNo R$ 20,000 exemption like stocks. The gain comes from the average price.
  2. You pay itDARF 6015 by the last business day of the month after the sale.
  3. The REIT vaultREIT losses offset only REIT gains, with no expiry.

Quick quiz · 1 of 2

R$ 5,000 loss on stocks and R$ 5,000 gain on REITs in the month. Tax on the REIT?

See answer

R$ 5,000 × 20% = R$ 1,000. Stock losses don't offset REIT gains: they are separate vaults.

Quick quiz · 2 of 2

You sold shares at a profit in June. When is the DARF due?

See answer

Last business day of July. The tax is monthly and you pay it; the broker only withholds the 0.005%.

Lesson complete

Next lesson

I5.3Intermediate · Lesson I5.3How to report REITs on the annual tax returnWhat you own, what you received and what you sold, each in its section.Continue
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Image credits
  • Pixabay · Pexels · Pexels License — Pexels
  • PNW Production · Pexels · Pexels License — Pexels

Educational content, written for learners. Not investment advice.