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What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

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What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Sherman on Sun Aug 21, 2016 9:57 pm

I'm wondering what the current rules are for fees and/or taxes for selling a house
-- for someone with a temporal visa
-- for some with a permanente.

Does it make a difference which notario is used? Last time I asked about this .... a long time ago, the fees and taxes were all over the place. Is that still the same?

thanks,

S.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Intercasa on Sun Aug 21, 2016 10:41 pm

Law doesnt differentiate visa types, you need either and CURP and RFC as well as utility bills and other stuff.
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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Sherman on Mon Aug 22, 2016 7:38 am

I seem to remember there being a 15% tax that did not occur with a permanente and that contributed to the big rush some years ago in everyone getting their permanente? Does that no longer exist? Or is the 15% just a capital gains tax?
thanks ...

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by WillieRae on Mon Aug 22, 2016 7:58 am

Go pay a notario for a consultation! Or go see Spencer....

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Lady Otter Latté on Mon Aug 22, 2016 9:08 am

Brilliant as the people on this web board are, I would not base my financial decisions on opinions offered on the Internet.
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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by slainte39 on Mon Aug 22, 2016 10:51 am

Lady Otter Latté wrote:Brilliant as the people on this web board are, I would not base my financial decisions on opinions offered on the Internet.

You get far more opinions for far less money on this web board than you do at any lawyer's office. Rolling Eyes

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Sherman on Mon Aug 22, 2016 11:51 am

Amen ......

I was not after opinions, but rather after people's experiences, not expertise.
In my old age, I have learned that it is useful to hear what other people have experienced and 'informed' opinions. It always helps me in asking better questions or more informed questions when I actually do go to the attorney or notario. And, here and elsewhere, going to just one attorney or notario does not always get accurate information ... so it helps to get a heads up from others comments.

I don't use TOB because there are too many 'not' useful comments. I have used this board for a long time and appreciate it when people do share their experiences or give 'useful' comments. Thanks Spencer for the comment, and your expertise!

S.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by RVGRINGO on Mon Aug 22, 2016 12:05 pm

We have sold two homes; one in Ajijic in 2004 with FM3s, and the second in Chapala in 2014 as Residentes Permanentes. In both cases, they were our pricipal homes for sufficient time, not rented out, and there were no taxes due upon the sale. Both were sold at prices higher than the original cost, in either peso or dollar terms.
I think the main tax considerations are that it is your principal residence and the time factor.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Sherman on Mon Aug 22, 2016 1:11 pm

RVGRINGO wrote:We have sold two homes; one in Ajijic in 2004 with FM3s, and the second in Chapala in 2014 as Residentes Permanentes.  In both cases, they were our pricipal homes for sufficient time, not rented out, and there were no taxes due upon the sale. Both were sold at prices higher than the original cost, in either peso or dollar terms.
I think the main tax considerations are that it is your principal residence and the time factor.

thanks very much for your helpful post.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by gringal on Mon Aug 22, 2016 1:58 pm

One catch to look out for: It is sometimes the practice for the previous owner to have a low valuation on record when you buy the property. This creates a larger gap between what you "paid" for it and what you sell if for. Ouch.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Sherman on Mon Aug 22, 2016 2:06 pm

gringal wrote:One catch to look out for:  It is sometimes the practice for the previous owner to have a low valuation on record when you buy the property.  This creates a larger gap between what you "paid" for it and what you sell if for.  Ouch.

I bought a house with a 'reserva a domain' .... with two closings on it. The end result was a higher valuation, but the double closing cost us more from the beginning. I was not sure how this would play out, but it will help us in the end.

Thanks,
s.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

Post by Vandre on Mon Aug 22, 2016 3:28 pm

I believe I've also heard that there is a CAP to the Capital Gains forgiveness-at-sale. In other words, if it is a higher end property AND the sale$$'s to you was shown as lower than reality, you're in for a world of hurt. Don't know what that Cap is. Maybe someone else does.

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Re: What are the current rules for fees or taxes paid when selling a house if you have a temporal visa and what are the rules if you have a permanent visa?

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