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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 111605
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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We are involved in a resale contract with Keller in Austin

Customer Question

We are involved in a resale contract with Keller Williams in Austin of a fractional ownership at VIDANTA located in N. Vallarta, Mx. We had to prepay to our outstanding encumbrances and usage fees to Banamex and Banorte Banks in Jalisco, going to 3 different beneficiaries, e.g Atlantic Diamond Group.
Now is it true that one has to prepay a 39.6% capital Gains Tx in Mexico, which would be refunded, the added to the sale price as refund?
Submitted: 9 months ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 9 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Yes, you would have to pay the capital gains tax to the agent prior to sale and upon sale of the shares the amount would be refunded to you from proceeds of the sale. The seller has the right to collect the capital gains tax up front for non-residents and the seller can recover those from the sale if the sale is sufficient to cover that amount.