Wills and Capital Gains news

Just heard from Notary number 5 that they will allow capital gains exemptions for residente temporales they will just need a CURP number.

Also the discounts for will for the month of September have been extended into October.

How much does a will cost, how long and who does it?

Only notaries can do wills. Cot is 2500 pesos usually per person and with the 50% off it is 1,500 pesos (I don't get their math)

Hehe Mexican math but not in our favor ;) any idea how long it usually takes to have it done?

It isn't a matter of "mexican math". There is no set price across the board for a notario's services such as preparing a will. And the discounted price can vary according to the age of the client. Many notarios give a steeper discount for those over 60. So for many it may very well be in your favor.

Intercasa wrote:Just heard from Notary number 5 that they will allow capital gains exemptions for residente temporales they will just need a CURP number.

Also the discounts for will for the month of September have been extended into October.  

Thanks very much ..... I was dragging my feet on getting a new will made and missed September.....!

And, great news for us 'temporales' who own property.

One question .... do all of the Notarios have the option to follow the law (assuming there is a law, or some point of reference) or not follow the law based on their own descretion? And, who sets the amount of capital gains? The notarios?

Spencer, or anyone else know?

Notarios interpret the tax law and collect the tax and most use the same computer program to calculate the tax based upon property info.

Thanks Spencer.
I have been told by a few realtors that the capital tax 'amount' seems to be all over the place. Now I understand why.

Thanks for this current and accurate info on the capital gains exemption.

Is the "5 years" rule still the case? Something about having 5 years of ownership before one can sell without being assessed capital gains. I was told about this when I purchased my property but things have been changing... TIA.

I caught the October 'offer' for Wills.
Notario 5 - charging $1700 and his son, now a notario, Sergio Macias A. also charging $1700.

Cavatina wrote:Thanks for this current and accurate info on the capital gains exemption.  

Is the "5 years" rule still the case?  Something about having 5 years of ownership before one can sell without being assessed capital gains.  I was told about this when I purchased my property but things have been changing...  TIA.  

The law changed in 2010 and the exemption can be used once in a 5 year period.

Also, there may be yet another option for those who have remodeled property but have no facturas, an appraisal documenting work done can be used to adjust the basis of the home, this is something being done in Guadalajara but I have no heard of anybody doing it in Chapala, it is another option to lessen tax liability for those who cannot qualify for the exemption or who may have to choose to use it on one property and take the hit on another.