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Found 6 results

  1. I saw a video today that stateed on June 1st there will be a tax on any deposit to a Mexican debit or credit card account over $5000mx in one month. Does anyone have more information?
  2. Need recommendations for a tax accountant to fill out the US tax forms reporting Mexican bank account information. This will be sent to my US accountant for my 2019 US taxes. Can send a PM if needed. Many thanks. "Any U.S. citizen with foreign bank accounts totaling more than $10,000 must declare them to the IRS and the U.S. Treasury, both on income tax returns and on FinCEN Form 114." "Americans with foreign accounts must also submit Form 8938 to the IRS in addition to the largely redundant FBAR form."
  3. This is our first year as a homeowner here. Can anyone tell me the specifics of how to pay property taxes (we are in Riberas)? Also, we may be traveling in Jan/Feb, can we have a friend pay if we are not here? Thanks for the help!
  4. Hey all you rental experts. I do plan on consulting an accountant but I was curious to hear advice from those of you that are renting furnished properties. I just bought an apartment in Guadalajara that I will turn into a high end luxury short-term rental. I'm currently researching what the all in taxes are renting out the property on a short-term rental. Besides the annual property tax, which seems quite low compared to the USA and other places I own real estate, what are all the other taxes involved that are required as a non-resident American renting out their furnished property? I understand that there is an IVA tax (16% for interior of Mexico counties) as well as income/rental taxes. If someone can shed light on their experiences renting out short-term. I realize many probably don't declare all their income and therefore don't pay all the proper taxes but I always prefer to do everything legal. I also understand that there are several items deductible against the income tax like utilities, repairs, cleaning supplies, staff salaries, property management fees, property taxes and replacement of items, etc for Mexican citizens but looks like flat 25% tax on gross income for non-resident foreigners. I'm just trying to do some estimates of what the net taxes will look like. A huge thanks in advance for any information or insight you can provide on this topic along with your experiences. PS. I found this link online but it's a few years old so I wanted to see if this falls in line with your experiences: http://www.theyucatantimes.com/2014/11/facts-to-know-about-taxation-when-renting-your-condos-houses-or-villas-in-mexico/
  5. 2017 New Year, Higher Real Estate / Notary Costs and Vehicle Fees With 2017 almost upon us there are some changes in the state of Jalisco that will affect many people. For automobile owners the annual renewal fee will edge up to 456 pesos if paid in January, 481 if paid in February, 507 pesos after and if you wait a few more months fine will be added. Smog checks have been mandatory but been largely ignored. One proposal was to have cars that were not complying towed on the spot and many complained that it would be unfair and allow widespread abuse and corruption. The current proposal is to expand the deadline up to 3 months BUT have an automatic fine generated and the vehicle blocked in the system until the fine is paid, not even allowing the smog check to be done until the fine is paid and if the fine is paid there will be a 20 day period to get the smog check or else be blocked and fined again. For example, if your plate ends in the number 1 under the current system you need to get the smog check done in January, under the new system you will be able to have it done in January, February and March but if you wait until April 1st then you will not be able to and have your registration blocked and a fine added. Real estate closing costs and other notarial acts will also edge up, the tax on legal affairs or Impuesto Sobre Negocios Juridicos will rise from $290 pesos to $1,000 pesos. The fees to register documents at the Public Property registry will have the minimum charge rise from $424 pesos to $1,000 pesos. Also the State of Jalisco is moving away from pegging fines to the minimum wage. There is a new index that currently is the same as the minimum wage but is called Unidad de Medida y Actualizacion. It is the same thing but now they can raise the minimum age for certain people or occupations to improve the standard of living without raising fine and penalty amounts at the same time.
  6. Can a Mexican widow to fill a 1099R form if she does not have SSN? she lives here, she is Mexican, but she was married to an American Citizen and she gets widow pension. TIA.
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