Rocky Point deals with sobering reality

[mondone]

http://insidetucsonbusiness.com/news/top_stories/after-boom-rocky-point-deals-with-sobering-reality-changed-panorama/article_13d42cbe-dfe3-11e0-817c-001cc4c002e0.html

 

[jerry]

The 3/4 finished Hilton Suites that sits next to The Hilton on oracle in Tucson was just knocked down by bulldozers yesterday...rp needs to do the same

 

[playaperro]

Buying a condo for cash at 35K is called under reporting the sale of a home, very common for locals or people in the "Mo Vida".

 

[lagrimas85]

Buying a condo for cash at 35K is called under reporting the sale of a home, very common for locals or people in the "Mo Vida".

But, the Mex Gov smartened up to that stuff, so now there is also a sale under value tax slapped on. Not as much as mexican capital gains, but still can be a chunk of money.

 

[Roberto]

Didn't now abou the sale under value tax but for the purpose of capital gains the higher number of 1. The stated Sales Price or 2. The formal Appraisal price is used in the formula. You can tell them you only paid $1 they don't care.

 

[lagrimas85]

<wash my mouth out with soap>Roberto, for the building in Mirador, we used the valuation used by the city to determine property tax, that is also legal. It was far less than the appraisal, only because they dont have the buildings, bar and pool in there records. If the stated value of the sale is less than the appraisal thats where the under value tax kicks in and I think its about 20 percent. Because you are not showing a capital gain. Thats why what you say about selling for 1.00 dllr is true, they dont care, because they are still going to tax the difference between the sales price and the appraisal, but only at a different rate as an under value tax.