Are there taxes other than Mexico income taxes I have to be aware of?
Don Nelson - TaxMeLess
You need to be aware of IVA (Value Added Tax) in Mexico, which is 16%. This is most often overlooked when you are renting out your house or real estate. You are required to collect this tax from your renters and remit it to the SAT. If you do not collect it, you are liable for it.IVA is also due on sales of goods and some services. You should consult your local Mexican Contadore (accountant) to make sure you comply. This tax is paid and reported monthly on line. ...
You need to be aware of IVA (Value Added Tax) in Mexico, which is 16%. This is most often overlooked when you are renting out your house or real estate. You are required to collect this tax from your renters and remit it to the SAT. If you do not collect it, you are liable for it.IVA is also due on sales of goods and some services. You should consult your local Mexican Contadore (accountant) to make sure you comply. This tax is paid and reported monthly on line. You should also note that if you own property in Mexico and rent it out (part time or full time) you are required to pay Mexican income tax on your earnings from that property whether you live in Mexico or not.
(Dream home in Mexico, pictured.)
Posted January 22, 2016
Alberto Alvelais - Alvelais & Asociados
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The value added tax is the tax that you pay for any kind of product in Mexico. For the consumer, it is similar to a sales tax, like when you’re buying something at the supermarket. It’s not something that you have to be worried about or keep track of. You pay it when you make your purchase.
(Poster of handicrafts made in Mexico, pictured.)
The value added tax is the tax that you pay for any kind of product in Mexico. For the consumer, it is similar to a sales tax, like when you’re buying something at the supermarket. It’s not something that you have to be worried about or keep track of. You pay it when you make your purchase.
(Poster of handicrafts made in Mexico, pictured.)
Posted May 23, 2016
SONIA DIAZ - Sonia Diaz
If you have a house in Mexico, you’ll have to pay the predial, which is the annual taxes on your house. It’s similar to the property taxes you pay in the US or Canada. Typically the amount is very low. There is also an annual fee called refrendo if you own a car in Mexico. Some states also have another annual fee for casr called tenencia and paid for the first 10 years of the car’s life.
As noted above, there...
If you have a house in Mexico, you’ll have to pay the predial, which is the annual taxes on your house. It’s similar to the property taxes you pay in the US or Canada. Typically the amount is very low. There is also an annual fee called refrendo if you own a car in Mexico. Some states also have another annual fee for casr called tenencia and paid for the first 10 years of the car’s life.
As noted above, there are taxes to pay when you sell your house here in Mexico, but it is not the same as the capital gains tax you know. If you have a tourist visa, you have to pay 30% of the total value of the house.
If you have temporary or permanent visa and sold your house for approximately 4 million pesos or less (around US $185,000.), there are no taxes. If it is sold for more than 4 million pesos, only the amount over 4 million pesos is taxed. If your spouse or another person is on the title and that person also has a temporary or permanent resdent visa, the taxes would not start unless the value is approximately 8 million pesos.
(Pictured: View of central San Miguel de Allende from hillside.)
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Posted March 5, 2018