comitan
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Posts: 4177
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Mood: mellow
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Fidocomiso
IRS ruling on Fidocomiso.
http://content.govdelivery.com/accounts/USIRS/bulletins/7e36...
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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DavidE
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Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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And your personal conclusion of this ruling is...
A Lot To See And A Lot To Do
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CortezBlue
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I pity the poor fools who filed all of those documents for all of those back years to now find that Uncle Sam has more info on them than they require
and need to know!
I took the chance, called the IRS and asked, on 3 different calls, what their opinion was, and got 2 NO's and 1 Yes.
I took the majority rule and never filed.
Told ya! 
[Edited on 6-6-2013 by CortezBlue]
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SFandH
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Looks like situation 3 in the document at http://www.irs.gov/pub/irs-drop/rr-13-14.pdf is the pertinent situation for most. The document states in this case "the MLT is not a trust".
MLT = Mexican Land Trust = Fideicomiso.
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john68
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this from the law firm that obtained the ruling:
http://btj.rosstaxadvisors.com/index.php/fideicomisos-are-no...
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capitolkat
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This is consistent with what my tax advisor told me 7 years ago and that was the reason I never filed. The folks I saw, most of the time, advocating
the filings were those who had the most to gain- tax advisors who handled filings or made money from assisting property owners with their taxes
Life is too short to drink bad wine
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comitan
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You are here: Home Fideicomisos Are Not Trusts Per Revenue Ruling
Fideicomisos (Mexican Land Trusts) Are Not Trusts—Really, This Time
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As we previously reported, the Mexican legislature is working to change the Mexican Constitution so that non-Mexicans will be allowed to directly own
coastal Mexican real estate without the use of a fideicomiso (if the property is for residential use only). Today, we are happy to announce that U.S.
taxpayers can continue to hold their Mexican real estate—whether residential or not—through fideicomisos without worrying about the arcane U.S.
foreign-trust reporting rules. Amy Jetel’s work helping U.S. taxpayers with this issue over the last few years has finally led to a Revenue Ruling
holding that a fideicomiso (called a “Mexican Land Trust” in the ruling) is not a “trust” for U.S. tax purposes.
In 2012, Ms. Jetel obtained a private letter ruling (PLR 201245003) from the IRS on behalf of a client who owned coastal Mexican real estate. In that
PLR, the IRS held that the client’s Mexican Land Trust was not truly a “trust” under U.S. tax law. Accordingly, the U.S. reporting requirements
applicable to “foreign trusts” did not apply. However, a PLR is binding only for the taxpayer who requested it; therefore, although the PLR was a
good indication of how the IRS would rule for another taxpayer with the same facts, it could not be cited as authority. This new Revenue Ruling is
binding authority that all taxpayers can rely on.
Thus, if you have been filing Forms 3520 and 3520-A for your fideicomiso, you can stop. However, we recommend that you file forms that are properly
marked “final” so that the IRS will not expect any more forms from you. If you need help filing final Forms 3520 and 3520-A, we would be happy to
help.
To view Revenue Ruling 2013-14, click here
To view PLR 201245003, click here
To read Amy Jetel’s Trusts & Estates article on PLR 201245003, click here
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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