Zihuatanejo-Ixtapa Message Board - MEXICO BANK ACCOUNT https://www.zihuatanejo.net/tablero/ Information for visitors and locals about Zihuatanejo, Ixtapa, Troncones, Barra de Potosí and the surrounding region of the Costa Grande in Guerrero, Mexico en MEXICO BANK ACCOUNT (reply)

My Canadian Bank shares info with the USA, it’s my understanding it’s more to watch for money laundering than anything else.

Yes Big Brother is watching us all.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138319 https://www.zihuatanejo.net/tablero/index.php?id=138319 Mon, 23 Dec 2019 15:13:10 +0000 mexicoman MEXICO BANK ACCOUNT (reply) My Canadian Bank shares info with the USA, it’s my understanding it’s more to watch for money laundering than anything else.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138317 https://www.zihuatanejo.net/tablero/index.php?id=138317 Mon, 23 Dec 2019 14:32:00 +0000 Canada Pete MEXICO BANK ACCOUNT (reply) The Americans living and working in Canada are not exactly thrilled about this, either!

]]> https://www.zihuatanejo.net/tablero/index.php?id=138239 https://www.zihuatanejo.net/tablero/index.php?id=138239 Fri, 20 Dec 2019 18:16:59 +0000 Quadra Paul MEXICO BANK ACCOUNT (reply) You are correct of course Talley Ho, I will just add that there are thresholds for actually having to pay any taxes. You don't have to pay any taxes on income earned in another country until you reach a number somewhere north of 100,000 USD. You must file taxes every year regardless of whether you owe taxes or not.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138237 https://www.zihuatanejo.net/tablero/index.php?id=138237 Fri, 20 Dec 2019 17:10:05 +0000 hromero MEXICO BANK ACCOUNT (reply) I was SO excited when I read this and decided to read more.

Nope. The 183 days is for people residing in the US and their having to pay taxes.

Unfortunately, what I said above stands. Here's more:
If you are an American living abroad, this means that as a US citizen, you must file a US federal tax return and pay US taxes no matter where you live. In other words, you are subject to the same rules regarding income taxation as people living stateside.

Here is a link to a good article: https://www.greenbacktaxservices.com/blog/paying-taxes-american-living-abroad/

I am not at all thrilled about this, but it is what it is.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138234 https://www.zihuatanejo.net/tablero/index.php?id=138234 Fri, 20 Dec 2019 16:59:22 +0000 Talley Ho MEXICO BANK ACCOUNT (reply)

I'm aware of the requirement to pay taxes in the US, which also includes Greencard holders. I was just wondering if Mexican banks/bureaucracies help the IRS. BTW, if you're out of country for a specific length of time, you don't have to pay, but you do have to file.

181 consecutive days and it can be across 2 different years.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138223 https://www.zihuatanejo.net/tablero/index.php?id=138223 Fri, 20 Dec 2019 14:13:11 +0000 mexicoman MEXICO BANK ACCOUNT (reply)

Nope. If you are a US citizen, you must pay taxes on all of your income, no matter where it is generated.

This also includes those that are citizens by the citizenship of their parents, even if their income is generated in other countries, and they have never set foot in the US.

It just encourages creative writing.

If you like to have more cash on hand you might consider accounts at multiple banks.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138222 https://www.zihuatanejo.net/tablero/index.php?id=138222 Fri, 20 Dec 2019 14:03:51 +0000 mexicoman MEXICO BANK ACCOUNT (reply) I'm aware of the requirement to pay taxes in the US, which also includes Greencard holders. I was just wondering if Mexican banks/bureaucracies help the IRS. BTW, if you're out of country for a specific length of time, you don't have to pay, but you do have to file.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138221 https://www.zihuatanejo.net/tablero/index.php?id=138221 Fri, 20 Dec 2019 14:02:00 +0000 frostbite MEXICO BANK ACCOUNT (reply) Nope. If you are a US citizen, you must pay taxes on all of your income, no matter where it is generated.

This also includes those that are citizens by the citizenship of their parents, even if their income is generated in other countries, and they have never set foot in the US.

It just encourages creative writing.

]]> https://www.zihuatanejo.net/tablero/index.php?id=138212 https://www.zihuatanejo.net/tablero/index.php?id=138212 Fri, 20 Dec 2019 02:39:19 +0000 Talley Ho MEXICO BANK ACCOUNT (reply) Might a Mexican permanent residency stop them from ratting on you to the IRS?

]]> https://www.zihuatanejo.net/tablero/index.php?id=138208 https://www.zihuatanejo.net/tablero/index.php?id=138208 Fri, 20 Dec 2019 01:51:20 +0000 frostbite MEXICO BANK ACCOUNT (reply)

Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks


Wow!
I opened an account at Intercam about 6 months and didn't even notice the "disclosure permission to the USA".
For that matter I don't even think I have ever noticed that checkbox on USA tax filings.
I better pay better attention!

When Citi stuck it's big nose into Banamex they sent me a form telling me I better pay my U.S taxes. I told them to stuff it. They blocked my account. I showed them my Mexican passport. Account instantly unblocked with apologies. I do as little business as I have to with Citibanamex. Intercam is by far the best local bank to deal with. Well staffed. Friendly. Helpful. All that hassle from Citi just because I have an Anglo-Saxon name. Isn't that racial profiling or something? Assh0les!

]]> https://www.zihuatanejo.net/tablero/index.php?id=138206 https://www.zihuatanejo.net/tablero/index.php?id=138206 Fri, 20 Dec 2019 01:45:56 +0000 ZihuaRob MEXICO BANK ACCOUNT (reply)

Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks

Wow!
I opened an account at Intercam about 6 months and didn't even notice the "disclosure permission to the USA".
For that matter I don't even think I have ever noticed that checkbox on USA tax filings.
I better pay better attention!

]]> https://www.zihuatanejo.net/tablero/index.php?id=138204 https://www.zihuatanejo.net/tablero/index.php?id=138204 Fri, 20 Dec 2019 00:46:31 +0000 mosesk MEXICO BANK ACCOUNT (reply)

Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks


The law.

You only have to inform the government if you own a foreign bank account if it has more than $10,000 in it.

Since I maintain an account balance below $10,000 ;-) I am unable to report on reporting a foreign account.

Don't worry about the forms.

D

]]> https://www.zihuatanejo.net/tablero/index.php?id=138203 https://www.zihuatanejo.net/tablero/index.php?id=138203 Fri, 20 Dec 2019 00:44:55 +0000 midalake MEXICO BANK ACCOUNT Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks

]]> https://www.zihuatanejo.net/tablero/index.php?id=138202 https://www.zihuatanejo.net/tablero/index.php?id=138202 Fri, 20 Dec 2019 00:41:30 +0000 B&S