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A taxpayer asks about the obligation to submit form 720 and the valuation following the donation of their share of a property in Mexico to their spouse. The DGT states that a declaration must be filed regarding the loss of ownership and explains how to determine the transmission value and exchange rate.
Taxpayers who own property abroad must report changes in ownership, including donations, and must calculate transmission value using the applicable exchange rate.
The tax team reviews your specific situation.
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