In US Dollars

by midalake @, Wednesday, May 24, 2017, 19:11 (87 days ago) @ Gringo Viejo

It is my understanding that buyer and seller can use any currency they like but the Notary will always record it in pesos. You could end u p with a capital gain without making a profit. For example, you bought a property for $10,000 USD back when the exchange rate was 10 to one so it would have been recorded as 100,000 pesos. Then last winter you sold it for $10,000 USD (no profit) ; the Notary would have recorded it as 200,00 pesos when the exchange rate was 20 to 1.> > Ah, the magic of numbers!

However if you sell the condo for $100,000 pesos and the artwork furniture and contents for $100,000 pesos your taxable income is -0- [zero] Ah the magic of numbers.

D


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