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Capital Gains Exemptions/Reductions


Apache

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Selling my Lake Chapala home .of 25 years.Trust(Fideicomiso) created for property only mentions LAND VALUE

which was conveyed by developer a year after purchase of this RESALE home. Initial owner built house on

land purchased from developer with her own funds.  Developer was unable to provide title to land.

Title of land was  conveyed after my purchase of the newly completed residential structure.

  HOUSE VALUE was not included in the trust created at time developer conveyed clear title to land.

 Need a reliable/skilled Notario to advise how house value can be included in cost basis

for total investment dollars credited towards capital gains due when house is sold present time.

Also, I  have read that local 'notaries publicos' allow Residente Temporales to be exempted from capital gains taxes.  Appreciate

any assistance/information/notario referrals.

on either or both problems?  Thank you.

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http://www.notarios.com.mx/Notario-Detail.asp?Notario=LUIS+ENRIQUE+RAMOS+BUSTILLOS&FileID=3021

Notario #2 Chapala Municipio - Luis Enrique Ramos Bustillos

Many people in the area would say he's the best. He's very busy, so it would be best not to wait, depending on your timeline. You'll find the contact info in the link.

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Yes, the notario will be able to tell you how it all works. But I do know that capital gains exemptions are based on selling price, the gains, as well as the amount of time that it has been your permanent residence. You can't just get a blanket exemption simply because you are a temporary or permanent resident.

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I can help with strategies as well as getting together all documents needed to lessen any capital gains liability.  It may be a combination of things and your deed needs to be analyzed as well as it may depend on the bank holding the trust as each bank has different policies. 

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10 hours ago, tomgates said:

There is a $4 Million peso exemption per person. Need to have your RFC numbers on utility bills.

I have heard 2.25 million pesos per person, so a couple holding title jointly = 4.5 MM. Perhaps that's nit correct. And yes, to your RFC number(s) being on your utility bill. At our house, CFE account has one name/RFC and Telmex has other. 

 

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