Article

Thomas Lloyd

U.S. taxpayers who own property or business or hold shares in a company in Mexico should be aware of some important information reporting and tax payments, both in the United States and Mexico. In the first part of this interview, Linda Neil , an expert in all aspects of Mexico Real Estate , with more than 35 years of hands on experience, answered questions on the requirements of the U.S. In the second part, examines Linda requirements.Mexico Mexico Tax information is also for foreign tax requirements. How does this affect American taxpayers have real estate in Mexico? Aliens who have property or business in Mexico are also required to pay taxes to the Mexican government. While this means that it must pay taxes in two countries, some of the taxes paid in Mexico may be claimed as a tax deduction in the U.S. Just be careful to get adequate income for all payments!

What are these? Details of property tax in Mexico, property taxes can be paid every two months or sooner, once a year, in January or February, the second option offers a much smaller payment. The rate is based on property value, as determined by the office of local property taxes. In general, property taxes in Mexico are significantly lower than in U.S. or Mexican Canada.What have to pay income taxes? Revenues for any company or association must be declared on a monthly basis. Fees are paid monthly VAT (value added) and “Income Tax.” An annual statement is then made on whether a refund or additional payment required. In many cases, these taxes are treated as a tax deduction on site specializing in U.S. international tax, as mentioned above, will be able to advise you how to avoid paying double taxes.As monthly payments and annual declaration Mexico, a local accountant to review the process and give advice on a monthly basis. There are other charges related to Mexico Real Estate ? Yes, when the property sold or leased for income taxes should take into account: When selling a property, “Income Tax,” a kind of capital gains tax must be paid. There are two possible estimates of the tax.

The first possibility is a flat tax on the total selling price, not deductions.The choice is one based on “benefit” for sale – that is, the difference between sale price and property value, as indicated in writing by seller. This option allows deductions.

notary public who works with the transfer of property is usually two calculations, and the smaller of the two is necessary fees. The seller should review the calculations and make sure that the lower amount is actually paid. The seller must receive also a copy of payment of the notary public for the use of deductions in the U.S. or Canada.

When a property is rented for income, “Income Tax” tax should also be paid by Mexicans and foreigners alike. Thus, if a non-Mexican owns a house or condominium that is rented, if only occasionally are not using the property, are required to report income on a monthly basis. There are high fees for not declaring income. But again, these fees can be claimed as deductions in the U.S. or Canada.

Linda Neil is the founder of the settlement, specializing in the transfer of property, trusts, and consultation. just added a new service solution now preparing monthly tax returns, file and provide additional services essential accounting owner

About the author.

target = “_new” href = “http://www.topmexicorealestate.com”> TOPMexicoRealEstate “Mexico’s leading networks of experts to find and buy property in Mexico safely,” by Thomas Lloyd A real estate agent! Mexican is the current president of certificates TOPmexicorealestate, you can contact him at (512) 879-6546.