Keeping cash at home is not a crime, but it must be declared before the SAT
By having cash kept at home we expose ourselves to a series of risks, such as theft or the depreciation of our money
Do you keep cash at home? We explain if you can do this without declaring it to the Tax Administration Service (SAT), which is the authority in charge of tax collection in Mexico.
It should be noted that although having cash is still one of the most common practices in our country, by keeping it under the mattress we expose ourselves to a series of risks, such as theft or the depreciation of our money due to rising inflation.
In addition, by not having a bank account, we lose the opportunity to start building a credit history that will help us obtain future credit and loans.
Can you have cash at home without declaring before the SAT?
If, despite the above, you decide to keep your money in cash at home, you should know that although by doing so you are not committing anything illegal, if you do not declare it before the SAT you could get into big trouble with the tax authority, because It is the obligation of all Mexicans to declare our income to the Treasury.
By doing so, we will be paying the part that corresponds to us in taxes and our money will be free of fiscal problems, because, although you do not know it, according to article 31, section IV, of the Federal Constitution, it is the obligation of all Mexicans to contribute to the country’s public spending.
Only if the money that you keep in cash in your house, mattress, or piggy bank, is derived from a return already filed, you will not have the obligation to declare it again.
If, on the contrary, you decide to use it without having declared it and you spend more than 719 thousand 200 pesos when buying a property or 287 thousand 680 pesos when buying a car, the person or company that sells it to you must notify the SAT and the authorities, and you could be investigated for a tax discrepancy between your income and expenses.