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Reload this Page reinvesting capital gains fro sale of lot, on how in Mexico (pay, taxes)
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Old 05-01-2008, 08:16 AM
 
Location: El Paso, Tx
1 posts, read 2,825 times
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Does any one know if taxes have to be paid on sale of residential lot? (got it 5 years ago $15000) selling now $73000 to buy home in Mexico. Is this considered like investment? Does it matter in you reinvest in another country?
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Old 05-01-2008, 08:37 AM
 
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Yes you have to pay taxes on your NET GAIN. The only way to avoid/postpone them is to do a 1031 tax free exchange. Fortunately the tax on LT gain is only 15%.

Why are you buying in Mexico? Are you up to speed on all the appropriate real estate ownership laws in a foreign country? Tread carefully here, unless you are a Mexican national.

golfgod
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