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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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| Quote: | Originally posted by thebajarunner
See my post above.
The bank does NOT own your property!!!
They own a claim against your property.
This is an important distinction, and you have not got it right. |
Thanks for correcting me, I did seem to recall that I did have a title in my possession for my CA home. Whoops.
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Bomberro
Nomad
Posts: 157
Registered: 7-19-2006
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Easy to Fix Problem
We became dual citizens a while back and are now at the final point of converting our Fidio's to simple title, all fees have been paid, approx 900
dollars to each bank and 1200 for each to the notary. The escrituras are now at each bank for final signatures so we can have them recorded. Took a
while at HSBC, almost 5 months to get to this point, Bancomer was much faster and less hassle about 5 weeks. We hope this solves the 100 year problem
as well as ends the annual payments also when we sell we 'should' avoid capital gains after two more years. We will see in a week or so if the banks
have returned the escrituras to our Notary. We are both over 65 and since Medicare will not pay for any health care in Mexico, we plan to end our
Mexican Vacation and return to the States in another 4 or 5 years.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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| Quote: | Originally posted by Bomberro
We became dual citizens a while back and are now at the final point of converting our Fidio's to simple title..
We hope this solves the 100 year problem as well as ends the annual payments also when we sell we 'should' avoid capital gains after two more years.
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That's good to know Bomberro. We had a notario tell us that only native-born Mexicans can ever avoid capital gains taxes on their property. Why "2
more years" before you won't be liable for cap gains? Are you required to hold the property with as escritura for a certain period of time?
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Mood: High
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| Quote: | Originally posted by comitan
Sorry for you Ron, I remember your early posts and your looking forward to retiring in the Baja, Its really to bad its not working out to your
liking, we will certainly miss you when you go back NOB to the country that is so perfect for you. We will have to stay here and suffer with this
intolerable weather and living conditions and end up with nothing when the government takes everything we have. O but we will still have the memories
of Ron and his bitter posts of Baja living and Mexican Law, and last but not least that awful experience with Immigration.
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Excellent post
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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thebajarunner
Ultra Nomad
Posts: 3754
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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No problemo, amigo
| Quote: | Originally posted by gnukid
| Quote: | Originally posted by thebajarunner
See my post above.
The bank does NOT own your property!!!
They own a claim against your property.
This is an important distinction, and you have not got it right. |
Thanks for correcting me, I did seem to recall that I did have a title in my possession for my CA home. Whoops. |
Our US real estate law is just as complicated as Mexico, we just have learned to live with it and to rely on title companies to keep us straight.
(For instance, in between you the owner in title, and the beneficiary of the note - probably the mortgage company- there is a "trustee" which kicks
into gear on foreclosures, etc.)
which is way past TMI as the kids all say
<"too much information, Dad">
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
Member Is Offline
Mood: High
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| Quote: | Originally posted by Gypsy Jan
Nothing that I have read from your post proves anything or cites Mexican law.
When I see these "ALL CAPS" posts, it immediately gives me a headache and an aversion to the poster. |
GYPSY JAN, YOU CAN CONTACT MARLA DIRECTLY
Marla Daily, President, Santa Cruz Island Foundation
www.marladaily.com
I AGREE, EXPRESS YOUR AVERSION
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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stanburn
Nomad
Posts: 145
Registered: 10-4-2007
Location: Santiago, Colima, MX
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Cabo Ron,
You might try reading the constitution of the country you live in. Though in all honesty with all of your negative comments about Mexico, I don't
understand why you live here. If you are looking for cheap places to live, I would recommend the Appalachian portion of the US. I think your views
would be quite welcome there.
I am quite comfortable with my Fideocomiso and hold an FM-2 on my way to citizenship. That will allow me to drop the Fido and hold the property in my
name.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by stanburn
Cabo Ron,
You might try reading the constitution of the country you live in. Though in all honesty with all of your negative comments about Mexico, I don't
understand why you live here. If you are looking for cheap places to live, I would recommend the Appalachian portion of the US. I think your views
would be quite welcome there.
I am quite comfortable with my Fideocomiso and hold an FM-2 on my way to citizenship. That will allow me to drop the Fido and hold the property in my
name. |
Good for You !
However, criticism is not negative, but positive ...
CaboRon
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stanburn
Nomad
Posts: 145
Registered: 10-4-2007
Location: Santiago, Colima, MX
Member Is Offline
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whatever gets you through the day. The bottom line is that your posts are full of hate towards Mexico and I am not the first one to notice this.
Why do you live here?
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
Member Is Offline
Mood: High
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| Quote: | Originally posted by stanburn
whatever gets you through the day. The bottom line is that your posts are full of hate towards Mexico and I am not the first one to notice this.
Why do you live here? |
Small world, small mind.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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roundtuit
Senior Nomad
Posts: 607
Registered: 12-21-2004
Member Is Offline
Mood: Wife's Job
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You don't clearly own you land in the US. Don't believe me don't pay your taxes for 6 years see what happens.
Never learned from a book-Only from mistakes, mine and yours
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thebajarunner
Ultra Nomad
Posts: 3754
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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Huh???
| Quote: | Originally posted by roundtuit
You don't clearly own you land in the US. Don't believe me don't pay your taxes for 6 years see what happens. |
Upon that twisted piece of logic.....
if you don't file with the IRS they can put you in jail,
ergo, you don't even own yourself.
ad infinitum...
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bajamigo
Super Nomad
Posts: 1218
Registered: 6-17-2006
Location: Punta Banda, BC
Member Is Offline
Mood: hubimos llegado
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| Quote: | Originally posted by morgaine7
| Quote: | Originally posted by CaboRon
There will be a lot of winers on this thread , they are the ones that have bought into the lie ....
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Yeah, that's me, I'm wining as I write (sorry, couldn't resist). Cheers! 
Of course, I also bought into "sixpack abs in 10 days".
Kate |
Dennis asked me to ask you to send some pictures.
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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we'll all "go blind"!!! 
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Packoderm
Super Nomad
Posts: 2116
Registered: 11-7-2002
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"In the end we own nothing. In the U.S. we have the estate tax to deal with and in Mexico the fido. Just enjoy it while you can."
The estate tax exemption is 2 million dollars and is increasing to 3.5 million. That means that if you inherit an estate worth 4 million, you only pay
taxes for 500 thousand of it. Anyway, who is the "we" who are going to deal with this sort of thing?
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Bomberro
Nomad
Posts: 157
Registered: 7-19-2006
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Two Year Wait
As we have been told by friends that are in the process of selling their home, there are several tests that allow one to not pay capital gains, the
escritura needs to be two years old is one, there is a value cap I think and also there is a size of property to house size factor and if one pays
taxes with a tax number this can play into it also. The best way is to talk to a Notary that speaks English and or a real estate professional that has
experience in dealing with the tax issue. There are other ways to lessen the tax impact we have heard, however, its very hard to get documented
information on the subject. Most information we have available to us here in Mexico seems to run in the vein of 'folk lore', very simular to how the
American Indians used story tellers to convey their history. Lots depends on who you talked to, getting it done is another thing, a Notary will be the
one to determine the amount of taxes to be paid at the time of sale. Never have seen one haul out the tax code when asked a question.
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Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
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Shop around
| Quote: | Originally posted by Bomberro
As we have been told by friends that are in the process of selling their home, there are several tests that allow one to not pay capital gains
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The single test is to find the notario that will allow homestead. It don't matter diddley about the qualifications. 
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cajhawk
Junior Nomad
Posts: 64
Registered: 11-16-2004
Location: Ramona, CA
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I'm not sure where your information came from, but all of the documents I have seen do not jive with this information. Fideicomisos are of 50 year
duration with renewal timeframe of 50 years. According to multiple sources, there is no limit to the number of renewals available to one property. I
can cite website after website as well as my Mexican Real Estate Attorney's opinions on this.
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
Member Is Offline
Mood: undecided
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If you need a "Mexican Real Estate Attorney", at $300 to $500 per hour to determine whether or not you own what you've paid for? You're done. Time to
move on.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by Cypress
If you need a "Mexican Real Estate Attorney", at $300 to $500 per hour to determine whether or not you own what you've paid for? You're done. Time to
move on. |
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