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| *The Commerce Journal>>>Mexico Taxes |
What are the capital gains and sales tax on raw land in Mexico? Is there anything that can be done to lower it |
What are the capital gains and sales tax on raw land in Mexico? Is there anything that can be done to lower it The maximum federal tax on long term capital gain is 15%. I don't know what the New Mexico rates are. Generally real property is not subject to a sales tax like buying a shirt would be. Under current law the 15% gains rate is set to go back to 20% after 2009. To lower your gain you would have to spend money on iimprovements. This is generally a bad move unless you can increase the sale price of the land by what it cost to improve it. Assuming the NM tax rate is 5% I would suggest not doing anything to laower the tax since you are already keeping 80% of each dollar you get for selling. A great deal compared to a similar amount of wage income. |
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