Real Estate Professionals (Video)

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Comment by John K. Glaab, CIPS on March 6, 2013 at 11:41am

Major International Residential Tourism Event to be Held on June 7, 8, 9 in Los Cabos

By John K. Glaab, CIPS

 

AMPI, the Mexican Association of Real Estate Professionals has announced a major international residential tourism event to be held in Los Cabos, with the National Association of REALTORS® as a strategic partner.

 

VIVA Mexico!  an investment, resort and second home forum will be staged June 7, 8 and 9th in Los Cabos Mexico at the first-class Los Cabos Hilton Hotel.  The event will focus on “Spotlight Mexico”, a joint NAR and AMPI program in 2013 designed to re-educate and re-energize its respective memberships on the international real estate transaction opportunities that exist between Mexico and the United States.  Programming will include a Certified International Property Specialist institute as well as a seminar focused on Mexico real estate, providing US REALTORS® the tools they need to become profitable in tackling the top inbound and outbound destination for buyers from both the USA and Mexico (as well as Canada).  REALTOR® associations with local councils are encouraged to attend to discover and discuss reciprocal arrangements that local markets can establish to establish business ties, market-to-market.  The event will attract major leaders including industry leaders from FIABCI , NAR , and experts from top-level real estate  experts in Mexico.

Comment by Don D. Nelson on February 19, 2012 at 2:10pm

Form 3520 and 3520A must be filed each year with the IRS for all Fideicomisos in Mexico. Our questionnaire which will help you compile the data or give us the information necessary to provide you with a fee quote for the preparation follows:  11-%203520%203520A%20QUESTIONAIRE010110.doc

We have prepared hundreds of these forms that most tax preparers know nothing about.  The due date of the first form is 3/15/12 unless extended with form 7004.  The second form is due on the due date of your personal return.

Visit our website to learn more: TaxMeLess  Email us with questions, etc. at ddnelson@gmail.com.  Thank you. Don D. Nelson, CPA, Attorney.

We have prepared US tax returns and assisted with US tax planning in Mexico for over 20 years.  Visit our Mexican-US tax blog for the latest developments with US taxes and Mexico.

Comment by John K. Glaab, CIPS on May 23, 2011 at 12:40pm

Last year there were 460 new CIPS Designees. So far this year we have 218 new ones.

New Designees come from places such as Singapore, Italy, Canada, Korea, Phillipines, Costa Rica and several from Jalisco, Mexico.

Booth at the International Networking reception an at the CIPS  New Designee Recognition Breakfast, I heard talk of international transactions. The Russians are buying almost as  a hobby.

Comment by John K. Glaab, CIPS on May 23, 2011 at 12:21pm

                       Realtors® Congregate In Washington       

 

By John K. Glaab, CIPS

     More than 8,000 members of The National Association of Realtors® met in Washington, D.C. for the mid year meetings held each year in May. While most were from the United States, others were from around the world including Mexico. Sergio Gomez, Vice President of the Association of Mexican Real Estate Processionals (AMPI) and John Glaab from La Paz, Baja California Sur who were in Washington for the event.

    One of the more popular events during the week of meetings was the “2011Symposium On Mortgage Liquidity: Ensuring Mortgage Availability for Creditworthy Homebuyers.” Emmy Award winning journalist Diana Olick real estate reporter for CNBC moderated a nine person panel. Among those participating on the panel were representatives from J.P. Morgan Chase, Wells Fargo, Bank of America, and David H. Stevens, Incoming President of the Mortgage Bankers Association of America. Following a free flowing discussion on the subject, Diana Olick moderated a lively Q & A session. During that session, bankers took the heat on several issues, including the heavy restrictions they currently are placing on loans and the time frame for processing paper on transactions involving the sale of foreclosed properties.

 

   Three events I always enjoy are the Certified International Property Specialist (CIPS) New Designee Recognition Breakfast, the International Networking Reception and the Committee Meeting of the Global Alliances Group.           At the breakfast there is a ceremony where new Designees receive their certificates and PINS. In attendance were new Designees from Singapore, Italy, Costa Rico, Korea, The Philippines and Mexico. In 2010, 460 were added to the roll with 218 earning the destination so far in 2011. We are now over 4,000, world wide. The international reception allows conference goers to renew acquaintances with Realtors® from around the world and make new friends.

 

    Each year as a part of the meetings, there are embassy visits for CIPS Designees. Selected members go in groups of eleven to one of the four designated embassies. Being invited to go is almost like winning a lottery.

(Three years ago, I was fortunate to have been selected to visit the Mexican Embassy. Our Group met with Mexico’s NAFTA team. I have remained in contact with them even, today.)

 

 

This year, India, Peru, Poland and Spain were on the list. I was selected for the visit to Spanish Embassy. Our group was led by Veronica Seva-  Gonzalez, CIPS formerly of Barcelona and now living in D.C. Her mother is in real estate sales in Barcelona.  We were warmly received by Fernando Merry, Head Economic and Commercial Counselor and Jurdana Izaguirre of the Embassy’s Investment Department. We explained the CIPS program and the role of NAR in U.S. real estate. Fernando spoke about the work of his department, fomenting trade between his country and the U.S. He reported on the work of two Spanish companies, working in the energy and transportation sectors. One is the world’s largest producer of wind turbines. The other is working technology for high speed trains.

During the week, U.S. REALTORS® made “Hill Visits”. The purpose was to lobby representatives seeking support for NAR’s 2011 Federal Policy Agenda. Three of the five items on this year’s  NAR Agenda are; Access to affordable mortgage products, The Future of the Secondary Mortgage Market and Preserving Home Ownership Tax Benefits.

 

  The 2011 Annual NAR Conference will be held in Anaheim, CA. November 11-14. Over 20,000 are expected to attend.

 

 

About the author:

John Glaab is a Certified International Property Specialist. A member of AMPI La Paz, he is active in NAR’s Global Business Alliances Group.

For information:john.glaab@settlement-co.com 

 

 

 

 

Comment by George Puckett on March 8, 2011 at 9:03am

Here is a link to a video about getting leads. I have listened to most of it and there are some interesting tidbits of information, Having been a Realtor I can recognize the differences in marketing strategies from 10 years ago when I was active.

 

See the video at, 

http://www.onlinemeetingnow.com/replay/?id=ba0c205e95

View it in 20 min segments if you wish and see how you can ae info to your business in Mexico. thpply

Comment by John K. Glaab, CIPS on March 2, 2011 at 11:07am

Help us Celebrate!!

 

 

  On May 1st, 2011, the settlement company® will commence its 20th year of operation. Since then, we have served clients with properties in all parts of Mexico.   These people have come from the United States, Canada, Asia, Europe and Australia.

Twenty years ago almost no one in Mexico understood the word, “escrow” or “custodial account” which is now common to people with high value properties.

Twenty years ago no one understood the concept of title insurance which, today, is the norm and accepted in almost any real estate transaction, especially in tourist areas.

Twenty years ago it was rare to use a closing agent in a real estate transaction.   Now it is customary in the “Restricted Zone”. 

 

With pride,  , the settlement company® has been the pioneer in these important steps which has brought security to real estate dealings between people of different cultures and customs.

With pride , the settlement company® has helped increase confidence and credibility in real property transactions in the resort areas of the country.

 

To mark this event and to contribute to the history of real estate in this country we are putting together a document containing comments from clients and friends in the real estate industry.   We would love to have your contribution!   A message about your Settlement Company® experience:  where you bought or sold and how it was handled, will add to our history and will help us to serve you, and others, better in the future.

 

This message is going out, today to all of you who are on our mailing list.  We hope you will respond and will share your feelings and experiences with us!   Looking forward to hearing from you!

 

Cordially,  

 

linda neil,

Director and Founder

the settlement company®

 your safety net in Mexico

 

linda.neil@settlement-co.com

www.settlement-co.com

skype:  linda.neil

 from anywhere outside Mexico  (011-52)  612-123-5056, ext 102

Comment by Staccey Wright on February 24, 2011 at 12:47pm

Ok, so maybe I'm late to the party, but just in case I'm not, I found this great free real estate listing site that uses your ability to promote your own product to enhance your visibility on their site.  A little bit of chicken and egg, but if you are using Facebook, Twitter, etc. then this is an easy way to get more exposure for your listings, and make your clients happy.  In addition, it is more international, which for me is a great thing because European buyers are great too!  Click on my ad to see their site, then find their info for Realtors. 

http://www.mondinion.com/Property/?Estate=160878&uri=/Real_Esta...
Sorry George - forgot how to do the short url thing.....

Comment by Carol Billups on February 1, 2011 at 10:59am

This is such good information, Don, thanks so much for posting and allowing me to re-post. I've also forwarded your email to our home-owners association; I think they'll be contacting you about distributing it to the owners. What a great help, thanks again!

Comment by Don D. Nelson on February 1, 2011 at 10:47am

US IRS TAX RULES YOU MUST FOLLOW
WHEN YOU OWN AND RENT OUT PROPERTY IN MEXICO

By Don D. Nelson, Attorney, CPA
with over 20 years experience helping clients living and working in Mexico

When you are renting out your real property in Mexico, as a US Citizen or permanent resident, you must not only comply with all Mexican tax requirements but you must also comply with the Internal Revenue Service's US income tax return filing requirements. The rules are almost the same as those for rental property located in the US, but with some variations.

If you own the Mexican rental property through a Fideicomiso, or outright in your individual name, you report all of your rental income and expenses on Schedule E of your Form 1040. All of the allowable expenses are the same as for US property.
Expenses you can deduct include management fees, interest, property taxes, utilities, repairs, maintenance, association dues, insurance, depreciation, and other miscellaneous expenses.
Unlike property located in the US, you must depreciate the property (amount allocatable to the structure) over a 40 year period rather than shorter times sometimes allowed for US property.
You can take a credit against your US federal income tax for income taxes paid to Mexico on your net rental income after deducting all expenses. That credit is limited to the amount of US Federal tax you paid on that rental income on your tax return. Any unused foreign tax credit can be carried over to future year. Most states do not allow any credit for income taxes paid foreign countries. That credit can be taken for Mexican income taxes and any income tax imposed by a State in Mexico. That state tax income is 3% in Baja California Sur. Some states in Mexico have no income tax.
Any IVA or occupancy tax collected from the renter should be included in your rental income, but then you can deduct out those taxes so you do not have to pay any tax on those items. IVA in the Baja California is 11% and 16% in much of the rest of Mexico.
The same restrictions and limited allowable deductions for “vacation homes” apply when you have occupied the property yourself part of the time and rented it out to third parties at other times.
When the property is sold (if it is held in your individual name or in a Fideicomiso) your net gain is taxed in the US at the applicable lower capital gains rates, and you can claim a credit against your US tax on the sale for Mexican capital gains taxes paid on that profit to Mexico.

If the property was used for the 2 years during the previous 5 years prior to sale as your personal primary residence (you must actually live in it full time during that period), you may be able to exclude up to $500,000 of the gain from your US income taxes under the exclusion allowed for sales of personal residences. If the property was rented out part of that time, some of the gain on sale will be subject to US income tax.

If your Mexican property is held through a Mexican corporation, there can be adverse US tax consequences while renting out the property and upon sale on your US tax return. With the proper type of Mexican corporation, certain elections with the IRS can be made for US tax purposes which will negate almost of these US tax problems. These elections are only made for US tax purposes and do not in any way affect the way your Mexican corporation is taxed under Mexican law.

Other US Tax Forms That May be Required:

Form 3520/3520A: If you own your Mexican rental (or personal residence or second home real property) through a Fideicomiso, you must file these forms each year to avoid extreme penalties. These forms are filed separately from your personal return. The first form is due on March 15th following the end of the calendar year and the other form is due on the extended due date of personal tax return.

Form 5471: If your Mexican real estate is held in a Mexican corporation, you must file this form each year if you own 10% or more of the shares (actually or constructively) in the corporation. This form is due on the extended due date of your personal return. The IRS can impose a $10,000 per year penalty for filing this form late or not at all.

Form TDF 90-22.1: This form reports your ownership in foreign bank and other financial accounts. It would include any accounts where your property manager or accountant is using to collect rents or pay Mexican taxes and rentals. If the highest total of all of your foreign financial and bank accounts when combined together equal or exceed at any time $10,000 US per year, you must file this form to report details of all accounts. It is filed separately from your tax return and is due on June 30th following the end of each calendar year. The due date cannot be extended. The IRS can impose a $10,000 penalty for filing the form late or not at all.

Mexico Also Taxes Rental Income: Mexico imposes income taxes, IVA and other taxes on all rental income derived by US owners from renting properties in Mexico. You must pay these taxes even if you do not live in Mexico. The rules are complex. Your failure to comply with those rules can result in serious monetary as well as other legal problems with the Mexican taxing authorities. We recommend you contact a Mexican accountant, or rental property tax expert to learn what it takes to be in legal compliance with those Mexican tax laws. The Settlement Company , a Mexican escrow company at www.settlement-co.com or Linda Neil who has been a real estate consultant in Mexico for over 33 years at www.lindaneil.com both have excellent services assisting those who own Mexican rental property comply with Mexican tax law.






Don D. Nelson is a US Attorney and CPA who has specialized in helping Americans living and working in Mexico with their US Tax planning and compliance for the last 20 years.
Mexican/US Tax Planning
US Tax Return Preparation (including all US states)
Fideicomiso US Form Preparation
Mexican Corporation US Return Preparation
Foreign Bank & Financial Account Reporting Form Preparation
Expatriate and International Tax Forms Prepared
Consultation on US tax aspects of owning property and operating a business in Mexico



Mailing Address:
34145 Pacific Coast Highway # 401
Dana Point, CA 92629-2808 USA
Phone (949) 481-4094
Fax (949) 218-6483
Email: ddnelson@gmail.com
Websites: www.TaxMeLess.com www.expatattorneycpa.com
Blogs: www.us-mexicantax.blogspot.com www.usexpatriate.blogspot.com
Skype address: dondnelson

Comment by Don D. Nelson on January 18, 2011 at 7:49pm

IF you are a US citizen and own property in Mexico through a Fideicomiso you are required to file Forms 3520(a) and forms 3520 each year. These forms are due separately from your tax returns. There are huge penalties for failing to file these forms. Read more about these forms and the rules at http://www.taxmeless.com/page11.html. Tell your clients before they find out from the IRS with large penalties.

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