Taxes on Mexican Real Estate

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This topic contains 4 replies, has 4 voices, and was last updated by  admin 4 years, 4 months ago.

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  • #1121

    Vicente
    Keymaster

    A question came up last month on whether a Mexican or American needs to pay taxes on a rental property that they have income on and whether or not they can deduct expenses on the properties. Now the answer was a resounding yes to both questions, if you have a second home in San Carlos or anywhere in Mexico whether you are a national or not if you make money on the property by law you certainly have to declare that income and you can deduct maintenance costs.

    #1817

    Delia
    Participant

    What about Capital Gains taxes after a property or home is sold? If you are selling it yourself how would this be handled. Many people do not seem to think that they owe
    Capital Gains. What is the current rate for Capital Gains in Mexico. Is it the same for foreigners and Mexican Citizens? Thank you Ines

    #1835

    admin
    Keymaster

    ya everyone is always looking to get out of capital gains taxes, we are a bit busy right now but I will get Ines to look into it, I am curious myself on that!! thanks

    #1932

    ezmony
    Participant

    ??

    #1934

    admin
    Keymaster

    Ok will see if I can get the definitive answer for that but as I recall if you have lived in the house for a certain amount of time then that might make you be able to get out of the capital gains deal. Again I will double check that.

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