ttervooren Posted October 22, 2014 Report Share Posted October 22, 2014 Does anyone know if you need to have "termoral" or "permanente" status in order to sell a house you've rented out for the past 3-4 years? Link to comment Share on other sites More sharing options...
Joco Posted October 22, 2014 Report Share Posted October 22, 2014 I think Spencer said Notarios in the area are allowing Temporals to be exempt from paying the higher tax but I've read it must be a house the seller has lived in for the past 5 years. I think if it is a rental you will be hit with the tax. Link to comment Share on other sites More sharing options...
mudgirl Posted October 22, 2014 Report Share Posted October 22, 2014 The OP did not ask about taxes, but about required immigration status re selling a property. From all I have read lately, you need a Mexican tax # to buy or sell property now, and for that you have to have temp or permanent residency. Link to comment Share on other sites More sharing options...
Joco Posted October 22, 2014 Report Share Posted October 22, 2014 The OP did not ask about taxes, but about required immigration status re selling a property. From all I have read lately, you need a Mexican tax # to buy or sell property now, and for that you have to have temp or permanent residency. If he doesn't know what status he needs to sell a house then I bet he doesn't know about paying a huge amount in taxes. Just a heads up. He needs to check with a Realtor or lawyer. Link to comment Share on other sites More sharing options...
Intercasa Posted October 22, 2014 Report Share Posted October 22, 2014 Ask the notario what documents they will want, as previously mentioned there would be no capital gains exemption, however, there could be other side issues if the seller does not have an immigration document. There are ways to reduce capital gains liability, first thing to do is get a closing cost estimate from a notario and then look at what options you might have if you do not want to pay the amount. Link to comment Share on other sites More sharing options...
ttervooren Posted October 25, 2014 Author Report Share Posted October 25, 2014 Thanks, Spencer. I'll go see my notorio. Yes, I am aware of the sellers need to pay cap gains. With it being a rental property, I do not believe they can be avoided. But will talk with the notorio about that too. Link to comment Share on other sites More sharing options...
Intercasa Posted October 25, 2014 Report Share Posted October 25, 2014 There are ways to avoid or lower capital gains Link to comment Share on other sites More sharing options...
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