MexConnect.com Forums: General: Living, Working, Retiring: INM checking on rental units: Page 2

Forums > General > Living, Working, Retiring

1 2 View All

Peter

Jul 9, 2009, 8:35 PM

Post #26 of 32 (3423 views)

Shortcut

Re: [gpkisner] INM checking on rental units

Can't Post | Private Reply

In Reply To

Thanks for waking people up Jennifer--I am constantly astounded how people living in Mexico function on rumor and hearsay! Are people the same back in the USA? Maybe I have been away from there too long to remember.

Try to remember what it was like before you were completely adept at understanding all the pertinent Mexican laws and situations. Those who are not especially swift with the language have some problem gathering information, even from the offices where it is necessary to conduct their business, leaving rumor and hearsay perhaps their best source of information to plan a strategy to be prepared to deal with a situation that needs attention. I know not all information online, even on the most reputable sites, is always correct and complete. And even when one does well with the language it may need several trips to that government office to handle each discrepancy individually as they crop up, as it seems rare to be able to debug your whole program in one stop.

So, there was some truth to what was rumored about rental income tax costing 25% or more because of the difference of a rental being furnished or not. And now because of a very helpful post from someone who has apparently lived it we have a clearer picture of what is required. But what about a rental that is partially furnished? Or is it either furnished or not, black and white. Or that old chest of drawers and a couple plastic patio chairs you left for the renter now puts you in a higher tax bracket? And is it possible some bureaucrat official could declare that since you left a stove and/or refrigerator in your otherwise unfurnished rental that you have been cheating the government of its due taxes? Could these examples illustrate that even though we now have a much clearer picture of what is required, one size law does no necessarily fit all.

Bottom line: If someone heard a rumor that seems plausible, I can appreciate the heads-up.

(This post was edited by Peter on Jul 9, 2009, 10:31 PM)

Axixic

Jul 10, 2009, 4:44 AM

Post #27 of 32 (3407 views)

Shortcut

Re: [jennifer rose] INM checking on rental units

Can't Post | Private Reply

In Reply To

Hacienda does not issue licenses to rent property. Hacienda collects taxes.

What SMA site are you citing? Who were those posting? Do you believe everything you read online, or just what you read first?

Someone else who is a legal landlord posted this on another forum:

Quote

Before I would follow advice for another area in Mexico, I would go to a good locally recommended accountant and follow their advice.
We have just gone through this process to rent out a furnished bedroom and bath...with it's own terrace and entrance..and access to the pool. We did the amendment to our FM2's first. When approved, you have thirty days to register with Hacienda and return proof of that registration to immigration or the amendment to your immigration status is null and void.
We registered as "pequeno contribuyentes" and it will be about six percent of rental income paid every two months. If it's not rented out then there's no tax. Accountant cost...300 pesos per month.
So, there you have it, two different experiences...be sure that you inquire specifically about your needs and legal requirements...there is NO one size fits all.

I wonder if I should hire an accountant to check this information out or expect a potential landlord to do his own due diligence?

esperanza

Jul 10, 2009, 6:24 AM

Post #28 of 32 (3395 views)

Shortcut

Re: [PamelaDelafield] INM checking on rental units

Can't Post | Private Reply

IMHO, if you are planning to pay rent, there is no need for an accountant.

If you are planning to charge rent, you will want an account.

http://www.mexicocooks.typepad.com

gpkgto

Jul 10, 2009, 7:21 AM

Post #29 of 32 (3381 views)

Shortcut

Re: [Peter] INM checking on rental units

Can't Post | Private Reply

"Bottom line: If someone heard a rumor that seems plausible, I can appreciate the heads-up."

Lawyers and accountants make a lot of money from this thinking.

Axixic

Jul 10, 2009, 8:24 AM

Post #30 of 32 (3369 views)

Shortcut

Re: [esperanza] INM checking on rental units

Can't Post | Private Reply

That's the point I made and was told by Ms. Rose and MeToo that I believed everything I read. I posted what a woman who wanted to be a landlord in SMA was told. I am not planning to be a landlord, nor want to be, so I did not find it necessary to check out what the woman wrote. Thankfully there are a few people who are interested in what others have heard and if they intend to become landlords, I am certain they will find out on their own what it requires.

Peter

Jul 10, 2009, 12:40 PM

Post #31 of 32 (3339 views)

Shortcut

Re: [PamelaDelafield] INM checking on rental units

Can't Post | Private Reply

In Reply To

Thankfully there are a few people who are interested in what others have heard...

I would not want to discourage someone from passing along information they heard in earnest even if unsubstantiated. I will look into a a potential problem if I am aware that one may exist. A good attorney or accountant may not be aware of ALL potential problems to EVERY given situation before they arise. And when an unexpected problem DOES arise that is when an attorney can make a bundle.

I guess I would rather be somewhat unsure than completely unaware.

(This post was edited by Peter on Jul 10, 2009, 1:22 PM)

esperanza

Jul 10, 2009, 3:17 PM

Post #32 of 32 (3306 views)

Shortcut

Re: [PamelaDelafield] INM checking on rental units

Can't Post | Private Reply

In Reply To

That's the point I made and was told by Ms. Rose and MeToo...

This part of your reply to my post is very confusing. I know who Jennifer Rose is, but who is MeToo? I don't see any posts by that author.

http://www.mexicocooks.typepad.com

1 2 View All