New Mexico Form 3520-A 2023-2025

New Mexico Form 3520-A: What You Should Know

The forms can be used to sell, purchase, or exchange property from the country of the buyer (the homeowner) to: A US citizen who is domiciled in Mexico. B Non-Mexican residents who are subject to Mexican tax (individuals and firms).  Foreign Trusts and Required Forms Foreign trusts and required forms 3520 and 3520A are to be filed with the IRS. There are also the corresponding Form 3515C and Form 3501C. The Form 3516A Foreign Trust Payment Reporting and Payment Instructions will be given by the US consular department in Mexico and are required for US citizens to pay taxes on their property in Mexico. There are multiple other forms available on the site. The US government has declared that the  “Mexico is a tax haven” where the US has a large tax advantage. This is due to a variety of factors including an extensive legal system, a large economy, and an extremely low tax rate of 15%. (There is a discussion of this issue here: Taxes from Mexico: A US Citizen's Perspective) US citizens who live or travel anywhere in the world, but who do not own property in Mexico, are treated like non-resident aliens and are taxed at the Mexican rates. Because they do not own property in Mexico, they may have an advantage over residents (and their home country) because it is very difficult for them to claim foreign tax credits to reduce their U.S. tax liability. Since there are many tax advantages from being a US citizen, the tax burden could be reduced if all US residents were to be taxed at the Mexican rate, but that is not the case. “Many of our clients have come to believe Mexico is a land of tax-dodging opportunities, in which one can move at will, purchase and sell property at will, and pay little tax.” (“Mexico: Avoiding 'Tax-Dodging' and Tax-Free Living,” PwC.com. ) If you have been in Mexico for many years, and have not been required to file either Form 3520 or 3520A, you should still file for now.

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