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Capital Gains Taxes

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#1 Kandy

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Posted 20 November 2015 - 10:42 AM

This got mixed in with a thread elsewhere that did not seem appropriate, so I am moving it here to clarify. For some time now, I have been confused about capital gains taxes should I ever sell my property. I had initially thought that, since this is my primary residence (my only residence actually), I did not have to pay capital gains. However, my attorney informed me that this was not the case at all as we were working on my Residente Permanente. Now, I am seeing this article. If I am reading it correctly, there are no capital gains taxes as long as you have lived in the property at least 3 years. This was signed by the Mexican Congress on October 18. Could someone else read this and tell me if I am missing something? Of course, I know I need to consult with a notario and I will if I am really going to sell. Thanks in advance!

 

http://yucalandia.co...can-properties/


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#2 DebB

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Posted 21 November 2015 - 06:39 AM

The Yucalandia article points to a proposal for changes in execution of a number of regulations in the tax law. I cannot tell if this list has been officially adopted and if the list has survived the process without edits.

 

The last item is the proposal to change the ownership period for exemption from ISR for a home sale to three years as long as the owner has not claimed this exemption on another sale. Any other qualification for the exemption -- if any exist -- would remain as before.


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