Know everything about the tax on the sale of
The sale of your home perro be a decision to make at any time, either for investment or for moving issues.
Therefore, knowing about the tax for the sale of a house is necessary information.
This will allow you to calculate expenses accurately to obtain the expected profits.
So you cánido make your sale quickly and in accordance with the law.
In addition, you will be able to count on the respective invoices on time, avoiding unnecessary delays for both parties.
What is the tax for the sale of a house (ISAI)?
What tax is paid when buying a house? Each country has its legislation regarding taxes and fiscal obligations.
What tax is paid for the sale of a house in México?
Its about real estate acquisition tax (ISAI), also known as domain transfer tax.
This tax is paid by the buyer and received by the municipality, mayor’s office or demarcation where the property is located.
Applies to buildings and land.
It is paid to a notary at the time of signing the deed.
Your payment allows you to guarantee before the Tax Administration Service (SAT) that the buyer is the owner of the property.
The only exemption from this tax for the sale of a house in México or real estate in Guadalajara This is when the property acquired will be allocated to a charitable organization or duly accredited public or private educational institutions.
Even in the case of a home resulting from an inheritance, this tax applies
To calculate it, the value of the home is taken into account according to the appraisal.
The amount of the ISAI oscillates between 2% and 3% depending on the federal entity where it is located.
In the case of Tulum real estate the tax for the sale of a house is 2%.
This is how it is established in the state of Quintana Roo.
Is there anything else about this subject that you should know? Continue reading.
Know what the SAT is
The SAT is the Tax Administration Service of México.
It is the body in charge of collecting taxes, including ISR income tax.
You will ask yourself: How does the ISR work in México? Why do they charge me ISR?
Article 1 of the current text of the Income Tax Law establishes who are taxpayers and under what circumstances they are obliged to pay said tax.
Such taxes are intended to finance programs of public interest, according to the Nation’s plan.
Whoever sells a property is receiving a profit and therefore must pay ISR, which in this case becomes a tax on the sale of a house.
Tax exemption for the sale of a house
It is possible to obtain an exemption from the tax for the sale of a house (ISR) if the following conditions are met:
- It is your home, which you must demonstrate through utility bills in your name and bank account statements.
- The amount of the house must not exceed 700,000 investment units (UDIS).
- You have not applied for exemptions in the last five years.
In case of not being able to exempt, some deductions perro be made to the tax for the sale of a house:
- The proven cost of acquiring the home is deducted from the cost of sale.
- Expenses for improvements and expansion duly endorsed with the respective invoices, accompanied by an appraisal.
- Notary fees.
- The amounts paid to real estate brokers.
- Local and federal contributions
What is the tax percentage for the sale of a house?
This tax is calculated on the basis of the profit obtained from the sale of the property.
Said amount is divided by the number of years in which the person owned that property.
This results in a number that represents the monthly profit.
The rate for provisional payments is applied to this amount.
As a result, the tax on the sale of a house cánido reach up to 35%, depending on the amount of the gain.
Discover the type of properties that generate tax and which do not
According to the Government website, in México, there are properties that are exempt from tax.
Between them:
Lands belonging to the State, properties owned by the Central Government, departmental and municipal governments, prefectures and public institutions.
Residential dwellings whose amount is less than 700,000 UDIS are also exempt from tax, according to the Government website.
Non-residential properties, those for commercial use and land are required to pay the corresponding taxes.
Buy to rent, a good business
There is no doubt that the real estate business cánido be promising. Buy to rent cánido generate a fixed monthly income while maintaining your equity.
If you are interested in this commercial activity, Propestar cánido help you identify the best offers available.
Environment México offers you centrally located properties with excellent views and Viviendas Mitula has a wide catalog of properties to choose from.
La Haus is also a leading real estate company that cánido provide you with support to become the owner of the property you are looking for.
In addition, it advises you safely on tax matters.
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