Well Known Member
So for multiple people buying a house even if you can’t dodge paying your fair share of taxes does this still make sense ?
Thanks, you just really helped me .Anyone rember where the peso was in 2008?Here is just a simplified example ( but a true example) of how foreign buyers can get creamed..An American family bought a condo here in 1996, the year it was built or being built (Pinacate) for 140 k the peso was 7.5 to the dollar. They sold the condo in April 2016 for the same 140 k.. it was never renovated and needed work The peso was 18.57 when they sold it,, when the notary told them they owed 29,000.00 dollars in capital gains taxes, they couldn't beleive it. Pay 140 and sell for 140. it doesen't work that way.. it was recorded in peso;s 1,050,000 at 7.5 to 1 it sold for 140 at 18.57 to 1 or 2,599,800 pesos a profit of 1,549,800.. times 35 % foreign buyers tax 542,430 peso,s $29,410.00 tax .. That could be a huge problem for a LLC bag holder way down the line.
Sorry found it https://www.macrotrends.net/2559/us-dollar-mexican-peso-exchange-rate-historical-chartThanks, you just really helped me .Anyone rember where the peso was in 2008?