Transfer money from Mexican bank to U.S.

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Transfer money from Mexican bank to U.S.


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Old 25th June 2011, 01:21 AM
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Default Transfer money from Mexican bank to U.S.

We are finally selling our house in Mexico and will have $40,000 deposited into our Mexican bank account. Does anyone know how we can transfer that amount to our US bank account without incurring a very large fee? Does anyone know of any problems that we might have with this transaction?

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Old 25th June 2011, 03:23 PM
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A bank to bank transfer cost us about $40us on either end .... but I believe it's a standard fee not based on percentage. I would talk to both banks and see what they say

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Old 25th June 2011, 03:25 PM
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I would also talk to someone regarding taxes. I have no idea what they might be but I have heard that if you make ANY profit in Mexico you have taxes to pay.

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Old 25th June 2011, 03:49 PM
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Taxes due in Mexico will be settled at the real estate closing.

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Old 25th June 2011, 04:04 PM
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Quote:
Originally Posted by pappabee
I would also talk to someone regarding taxes. I have no idea what they might be but I have heard that if you make ANY profit in Mexico you have taxes to pay.
You had no idea? What's most surprising is that you're surprised!

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Old 28th June 2011, 06:57 PM
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Taxes, oh boy howdy. It depends on your status here. I'm here on a "No Inmigrante" as are many folks. That means when you sell you pay 25% on the sale price up to what you paid for it. If you make a profit it goes to 30% and that is of the total sales price not just on the profit. I'm getting ready to sell and have confirmed this with two different attorneys.

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Old 28th June 2011, 08:35 PM
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Default Capital gains in Mexico

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Originally Posted by Schmo View Post
Taxes, oh boy howdy. It depends on your status here. I'm here on a "No Inmigrante" as are many folks. That means when you sell you pay 25% on the sale price up to what you paid for it. If you make a profit it goes to 30% and that is of the total sales price not just on the profit. I'm getting ready to sell and have confirmed this with two different attorneys.
Can you please explain your situation better as to why you are paying 25% on the appraisal value of your house and not the profit as this would be capital gains taxes which is what I understand is due at the time of sale. To me what you stated doesn't make any sense. What type of property do you intend on selling?

Mexican taxes: here, there, taxes, everywhere : Mexico Living

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Old 28th June 2011, 08:53 PM
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Is the house your principal residence? For how long?

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Old 28th June 2011, 09:39 PM
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Default Sale of property

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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.

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Old 29th June 2011, 01:14 AM
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This highlights some of my frustration. This has been my primary residence for 18 months. When I didn't like the answer I got from the first attorney I went to a second who is well known in San Miguel and is experienced in property transactions for foreigners. He confirmed what the first told me. I asked about the two year time frame but he said it didn't matter. I read the Caldwell Banker page but I wonder if anyone has a code or statute to quote?

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