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Old 08-07-2009, 12:48 PM
 
Location: Mesa
17 posts, read 25,232 times
Reputation: 27
Default Owners renting property in Mexico....

We're thinking of buying a condo in Mexico, which we might rent weekly when we're not there. We have read that you must pay a tax on the rental income, but it isn't clear if the tax is for the Mexican government (which agency) or to the IRS.

Any info would be appreciated.
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Old 08-12-2009, 01:56 AM
 
409 posts, read 1,506,387 times
Reputation: 315
Taxes are paid once a year. They are very very very VERY cheap compared to property taxes in the US.
It is best if you do not report the income from the rented property. (This is not nesesarily illegal)

Example.

In Mexico you might pay about $10,000 pesos (about 700 dollars or less) for a property that is worth 100,000 dollars to 200,000.

Another difference is that if you dont pay taxes the goverment will not take your property or auction it to pay for your taxes. There is no IRS in Mexico.

Many people dont even pay taxes. Nothing to worry aobut NJ2AZ!
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Old 08-12-2009, 10:45 PM
 
Location: Denver, CO
2 posts, read 3,463 times
Reputation: 10
Good reply, atreidi. However, there is an internal revenue service in Mexico. It is called Hacienda. What arteidi was referring to was property taxes, which are paid to the local county. If you want to be totally compliant, you are supposed to report rental income to Hacienda but nobody in Mexico does. If you are going to be taking rental income in the US, you might want to think about setting up an LLC to channel the money through. If the money is going to stay in MX, there isn't too much to worry about.
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Old 08-22-2009, 02:00 PM
 
Location: Mesa
17 posts, read 25,232 times
Reputation: 27
Thanks for the information.
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Old 08-25-2009, 08:42 AM
 
Location: Limestone,TN/Bucerias, Mexico
1,452 posts, read 1,834,199 times
Reputation: 473
We use our condo here as an 'investment property' and declare any income (and depreciation,maintenance fees, utitlities, etc.) on it in the US.. Our accountant has never suggested we do it any other way..? According to the regs (as I perceive it), you can "legally" use it for 2 weeks a year, and also (a friend told us) can deduct the cost of one flight a year to check on it..
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Old 08-28-2009, 01:32 AM
 
Location: Denver, CO
2 posts, read 3,463 times
Reputation: 10
Default Cabo at a Discount!

Hi everyone! I just booked my winter travel plans to Los Cabos, Baja California. With the state of the economy, lots of hotels are offering huge discounts for people looking to travel to Mexico. One of my favorite chains, Barcelo (Spain) is offering an incredible deal where anyone can get up to 20% off any reservation. The Barcelo hotel in Cabo is under construction, with an opening date of December 1 if anyone is thinking about going to Cabo, this promotion really is a great way to save some money. Just go to www.thehotelofyourdreams.com and write a review of what kind of hotel room you would like to stay in. Hopefully see some people down Mexico way!
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