Income Tax 2026: What Changes for Anyone with Investments in the U.S.

On March 23, 2026, Brazil’s federal tax authority opened the window to file the individual income-tax return, which runs through May 29. For anyone with investments, an account, or income in the United States, this is the first return under a new regime for foreign assets, which changes how tax on those earnings is calculated and paid.

What changes in the taxation of foreign investments

Under Law 14.754/2023, Brazil began taxing gains on foreign investments annually rather than monthly, with the calculation done directly and exclusively in the tax authority’s system (the same filing program). That means the end of the old monthly carnê-leão and of the capital-gains payment collected on each transaction: the tax is now assessed once, together with the annual return.

The rate also changed: it is now 15% on all gains earned abroad, without the old exemption for monthly sales up to R$ 35,000, which no longer exists for this kind of income. In exchange, anyone who had a loss in 2025 can offset those losses against future gains, reducing or even eliminating the tax due in later years.

For anyone with investments in the United States, one point is reassuring: there is no double taxation. Tax withheld at source by the IRS can be used as a credit against the tax due in Brazil, and if the amount paid there is higher than the Brazilian 15%, there is no top-up to pay here.

Who must file, and what to prepare before the deadline

Filing is required for anyone who received taxable income above R$ 35,584 in 2025, had exempt or withheld income above R$ 200,000, realized taxable capital gains, traded more than R$ 40,000 on the exchange, or holds assets and rights (including those abroad) totaling more than R$ 800,000. Anyone who became a Brazilian tax resident during the year, or opted for the 180-day capital-gains exemption, is also required to file. The tax authority expects about 44 million returns within the deadline, which ends on May 29; late filers pay a minimum fine of R$ 165.74, adjusted at 1% a month on the tax due, up to a cap of 20%.

For anyone with operations in the United States, preparation is worth starting before the deadline: gathering annual statements from U.S. brokers and banks, proof of tax withheld by the IRS (forms such as the 1099), and the 2025 buy-and-sell history avoids calculation errors in the new annual model and reduces the risk of an audit mismatch between what was reported in Brazil and the information Brazil already receives under international tax-data exchange agreements.