# U.S. Treasury / IRS filings related to overseas property ownership



## JonJet (Oct 3, 2017)

Hello Expat Forum. Apologies for the long winded info request.

Background: I reside in Florida & have owned a retirement Casa in Mexico for 4 years. I am about to sell the Casa with the intent of buying another Mexico property. There are no capital gains with the sale, overall I lost money over the 4 years. Payment for the original purchase was made by transfer from my US account into the realtors US account. The money from this sale will be repatriated cross-border via bank transfer from Mexico into my U.S. account.

To date I have not communicated with the Treasure or IRS regarding ownership of overseas assets [referencing Expat Taxes Made Easy-2017 edition].

Questions:
1.	Repatriating the Casa sale money to the U.S. - With respect to the U.S. authorities, and me staying out of trouble, if I am unable to find a new property following the sale and wind up transferring the property sale proceeds back to the US, do I need to make any filings following transfer of the money into the US account. Am I at risk of raising any red flags with this transaction.

2. Referencing Expat Taxes Made Easy, and in regard to ownership of an overseas retirement asset, how important is it to file the likes of IRS FATCA / FFA and Treasury Form 114. Are there potential implications of not having made these filings in the past.

Thank you in advance to anyone who might have some wisdom to share.

Regards- JonJet
Fort Lauderdale


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## surabi (Jan 1, 2017)

These are legal questions which could have bad ramifications for you if you fail to comply correctly. I'd be asking these questions of a tax expert in the US, rather than soliciting opinions, which may or may not be correct, on a public forum.


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## JonJet (Oct 3, 2017)

Copied - Thanks. I have been searching for such a professional in my area, to no avail thus far.
Appreciate the reply.
Jonjet


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## RVGRINGO (May 16, 2007)

When we sold our Chapala home, and the proceeds went into our US account, we had to complete lots of paperwork at closing. It established that it was proceeds from the sale of real estate and lots of other detail. We did nothing beyond that, and it was all taken care of by the real estate agency and the notario who handled the closing.


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## JonJet (Oct 3, 2017)

Thanks RVG, good to know. We are in Merida and close end of next week. My hope is that we settle on another property next week & wire the sale money directly to the new seller in Merida.

Thanks very much for your post.
jonjet


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## chicois8 (Aug 8, 2009)

Did you have a fedicomiso?

Have you been submitting a Form 3520-A ( Annual Information Return of Foreign Trust With a U.S. Owner )with the IRS each year before March 15th.?

Do you have an RFC number with Hacienda ?


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## surabi (Jan 1, 2017)

JonJet said:


> Copied - Thanks. I have been searching for such a professional in my area, to no avail thus far. Appreciate the reply.
> Jonjet


There's no tax accountants, tax lawyers or other tax experts in Fort Lauderdale? Seems weird.


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## JonJet (Oct 3, 2017)

Yes to the fedicomiso, and no to the forms and filings.


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## JonJet (Oct 3, 2017)

The problem was me not looking in the right places. Found a couple of names searching ExPat forum.

Getting smarted & gathering steam thanks to you folks.
THX


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## chicois8 (Aug 8, 2009)

How did you sell a casa without a tax number?


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## JonJet (Oct 3, 2017)

Can you help me out, not familiar with an RFC number with Hacienda ?

I know I need to file these forms & have not done so thus far. Would you recommend that I get legal help initially or just file the forms myself, make my apologies to Treasury that I was ignorant of the requirements up until recently and see how things unfold.


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## JonJet (Oct 3, 2017)

Selling it around this time next week.


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## chicois8 (Aug 8, 2009)

I just sold my house this month, the RFC is like your SS/ Tax ID in the USA. Mexico now shares info with IRS now a days....Your Notario should write a letter to the bank that holds your Fedi to cancel it and yes there are fees for that. The notario determines any taxes due to Hacienda and gives you a statement with all charges you owe...Hacienda will then send to IRS amount of taxes paid in Mexico so you do not have to pay the same taxes in the US.......


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## surabi (Jan 1, 2017)

chicois8 said:


> Did you have a fedicomiso?
> 
> Have you been submitting a Form 3520-A ( Annual Information Return of Foreign Trust With a U.S. Owner )with the IRS each year before March 15th.?
> 
> Do you have an RFC number with Hacienda ?


It is called a fideicomiso, not a fedicomiso, nor "Fedi".


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## chicois8 (Aug 8, 2009)

Could care less........


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## surabi (Jan 1, 2017)

chicois8 said:


> Could care less........


I see.

Why don't you just use the English term "bank trust" then, instead of using a Spanish term you don't know correctly and have no interest in learning.

Most of us appreciate being corrected on something we are saying wrong in Spanish. It shows respect for our chosen country of residence.


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## chicois8 (Aug 8, 2009)

Sorry Saudi, &#55356;&#57270; You say fide, I say fedi, lets call the whole thing off...&#55356;&#57276;


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