Posts Tagged ‘taxation’

US Expatriates and Tax Responsibilities

By Maurice M. Glazer, CEO
Glazer Financial Network

If it’s January it must be tax season…. Many U.S. citizens and lawful permanent residents of the U.S. (green card holders) move to another country and forget or choose not to file a tax return in the U.S. But be warned: The U.S. requires you to file a tax return accounting for your worldwide taxable income—and the statute of limitations never runs out. (more…)

Real Property Purchases

Real property taxation in Mexico
Mexico Taxes when purchasing a property

U.S. and Canadian buyers of real estate in Baja California are surprised at how high “closing costs in Mexico” are at the moment of property title transfer. The seller pays almost no taxes for the sale if it is their permanent home and can demonstrate that with utility bills in their name and identification listing the property as their domicile. If it is income property or an unimproved lot, the taxes to the seller are a 26 percent tax (impuestos sobre la renta) of the sales price or property appraisal, whichever is highest. And the buyer pays 4.3% of the sales price. Appraisals are typically one half the sales prices. (more…)

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