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Having money in a bank account does not automatically mean that the Tax Administration Service (SAT) will charge you taxes or start an investigation. However, certain movements can raise questions when they do not match the income a person declares or when they cannot prove where the funds originated. If you want to know which movements could cause you problems with the tax authorities, we provide the details here.
Many Mexicans worry when the SAT sends a message to their Tax Mailbox; most think they are doing something wrong and will immediately face severe problems; but in most cases, this is not the case, as long as you do not commit a crime.
Which bank movements can catch the SAT's attention?
Among the operations that may be relevant for tax purposes are:
- Depósitos en efectivo
- Depósitos bancarios que no correspondan con los ingresos declarados
- Operaciones que provoquen una diferencia importante entre los ingresos reportados y el nivel de gasto.
Note: This does not mean that every one of these movements automatically triggers an audit.
Is there a limit on deposits that the SAT monitors?
The figure of 15,000 pesos appears in the rules related to the information that financial institutions must provide regarding accumulated monthly cash deposits.
The rule states that financial institutions report cash deposits exceeding 15,000 pesos accumulated per month in the taxpayer's accounts within the same institution.
But be careful: this does not mean that depositing 15,000 pesos or more is illegal, nor that you automatically have to pay taxes on that deposit. It also does not mean that a person can receive less than that amount and be excluded from any tax review.
Are loans between family members taxed?
Not necessarily. If you receive money from a family member as a loan, the key is to be able to prove that it was indeed a loan and not income from an economic activity.
That is why it is recommended to keep documentation that allows you to demonstrate:
- quién entregó el dinero
- cuánto dinero se recibió
- cuándo se realizó la operación
- cuál fue el concepto
- cómo se efectuó el pago
- y, cuando corresponda, las condiciones de devolución.
The goal is to be able to prove the origin of the funds.
Which documents should you keep to justify deposits?
If you receive money that does not correspond to your salary or your usual income, it is advisable to keep documentation related to the transaction.
For example:
-Loans: contract, promissory notes, transfers, and repayment receipts.
-Sale of a car: purchase agreement, receipts, and documents related to the vehicle.
-Transfers between your own accounts: bank statements from the origin and destination accounts.
-Income from economic activity: invoices, bank statements, and corresponding accounting records.
What is tax discrepancy?
It is the situation in which an individual's expenditures exceed their declared income or the income they should have declared.
What happens if the SAT detects a discrepancy?
The authority must notify the taxpayer of the corresponding information. The person has 20 days to explain the origin of the funds and present evidence proving that they do not constitute taxable income, in accordance with the procedure provided for in the Income Tax Law (LISR).
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