Hi BP members, I'm thinking about selling some property which I currently own in Mexico and haven't seen too much information on the subject other than what my RE agent in Mexico is telling me. I plan to use the funds to start my REI career here in the U.S. So I turn to this great community to ask, has anyone sold property in Mexico. what fees, taxes did you pay? How did you transfer the money to the U.S, etc.. Any help would be appreciated. Thanks.
@Dion Rivera i just see this, hope is not too late i am actually born and raised in Mexico city i work for one of the worlds largest Real estate Private equity firms, and sold real estate in Mexico all over for about 2 years. so let me know if i am of any help
Hi @Dion Rivera I currently work in RE in Cabo San Lucas, Mexico. Make sure your RE agent conducts a Capital Gains study prior to your sale. This will indicate your "sweet spot" for your selling price. The study will take into account the fluctuation in value of the peso from when you purchased, to where it is now. Upon selling, you will be expected to pay 35% capital gains on the peso value of income from sale. Your write-offs can include: acquisition tax (when you purchased), any commissions paid and any enhancements you made to the property (assuming you kept your facturas). Let me know if you have any other questions - happy to help.
@Mishan Andre I have a property In Mazatlan Mexico. Purchased the condo about 8 years ago from a couple from Seattle. All funds were exchanged in the US, however we were required to set up a trust with the bank in Mexico since the property is so close the ocean. I would like to sell now. I am willing to sell for the what I paid for the unit, can I just change the name on the trust to the new buyer? I get different answers from everyone in Mexico- the bank, the attorney. I would appreciate any help you can offer. Thanks in advance.
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