Transfer money from Mexican bank to U.S. - View Single Post
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Old 28th June 2011, 09:39 PM
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AlanMexicali AlanMexicali is offline
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Users Flag! Originally from usa. Users Flag! Expat in mexico.
Default Sale of property

Quote:
Originally Posted by RVGRINGO View Post
Is the house your principal residence? For how long?
"Income Tax on Property Gains: If the home has not been your main residence for at least the last two years, will be required to pay income tax on the property. You may either pay 20% on the gross amount of the transaction, or elect to pay 38- 40% tax on the net profit obtained from the property. This law prevents short-term speculation on the property market. Commercial property is taxed at above rates, regardless."

Closing taxes in Mexico - Teresa Gutierrez

This is interesting from the site above. I have never heard of this yet.