Having the opportunity to relocate to a foreign country can create a greater financial positioning for you and your family. It lends to experiencing a different culture, simpler living habits and, in most cases, lowering your cost of living. But like anywhere else in the world, paying taxes is not something you can … [Read more...] about International Taxes Between the United States and Mexico
Mexico Taxes
Capital Gains Tax Options When Selling Your Home in Mexico
Tax options when selling your home in Mexico are very similar to the United States and Canada. The government requires you to pay taxes on any capital gains made when selling a property in Mexico. There are two tax options when you sell your home: After itemizing any allowable deductions, you will forfeit 35% of … [Read more...] about Capital Gains Tax Options When Selling Your Home in Mexico
Do You Own Mexico Real Estate Through a Fideicomiso? Important Tax Reporting Information – UPDATEDCómo gastar inteligentemente nuestros aguinaldos esta temporada decembrina.
IMPORTANT UPDATE (Dec. 18, '12): The following article was written by Thomas C. Brown, as posted at Nuwire Investor, as indicated at the bottom of this post. The information about reporting Mexico real estate owned by means of a "fideicomiso" ("Bank Trust") for U.S. taxes could be a useful consideration for owners; … [Read more...] about Do You Own Mexico Real Estate Through a Fideicomiso? Important Tax Reporting Information – UPDATEDCómo gastar inteligentemente nuestros aguinaldos esta temporada decembrina.
THE FIDEICOMISO (MEXICAN BANK TRUST) CONTROVERSY and FORMS 3520 and 3520A is it? or is it not??
Per Internal Revenue Code Section 6048 any trust established in a foreign country including the Mexico real estate region or its US beneficiary must file certain forms with the US department of the treasury (Internal Revenue Service) each year.. Forms 3520 and 3520A must be filed by anyone who holds an … [Read more...] about THE FIDEICOMISO (MEXICAN BANK TRUST) CONTROVERSY and FORMS 3520 and 3520A is it? or is it not??
Mexico Real Estate Tax Requirements in the U.S.
U.S. taxpayers are required to file certain reports with the U.S. government if they own property in Mexico, have a business in the country, or are shareholders in Mexican corporations Uncle Sam, U.S. tax watchdog, has instituted a voluntary disclosure program for those people who may have omitted reporting in the … [Read more...] about Mexico Real Estate Tax Requirements in the U.S.
The Tax on Profits from a Mexico Real Estate Sale
There is a lot of misinformation on this subject, such as: "If you become a Mexican citizen you have no tax to pay when you sell real estate"...... or "With a FM-3 and some receipts, you will be exempt from paying capital gains on the sale of your vacation house in Mexico" Neither scenario is completely … [Read more...] about The Tax on Profits from a Mexico Real Estate Sale