Important news for U.S. Citizens who own property in Mexico via Fideicomiso!
For those of you who follow the blog, you know that the IRS requires U.S. citizens to file a report that discloses all trusts worldwide.
U.S. Accountants have admitted in the past that the language was a bit gray where fideicomisos were concerned, but most recommended that you file the disclosures as non-disclosures carried hefty fines.
Well --- Are you ready for this?? The IRS actually came out and said that you can file LESS paperwork. They have acknowledged that the fideicomiso is not a trust in a traditional sense and is therefore exempted from the required disclosure filings.
Less Paperwork. Yippee!
See the IRS announcement: Revenue Ruling 2013-14 here.
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Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.