Herman Posted June 6, 2019 Report Share Posted June 6, 2019 Moving to Mexico full time as a temporary resident. Not sure how this affects my US Income Taxes. Retired and not working. I assume I still do US taxes but do I need to do any type of Mexican taxes? Quote Link to comment Share on other sites More sharing options...
chapalence Posted June 6, 2019 Report Share Posted June 6, 2019 No. Having more that $9,999 USD in an account here is both foolish (no FDIC) and causes extra paperwork when filing US taxes. Read up on it. Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted June 6, 2019 Report Share Posted June 6, 2019 Well, you can make excellent return on investments here, far better than the U.S these days. Like 8 percent versus 2 percent. There is no FDIC for any investment up there that pays anything approaching decent returns. Our "convenience" bank in Texas pays no interest at all! Balanced against that is having to file FBAR and report Mexican income on your tax return. I file FBAR on line, takes me about 30 minutes tops. I get a filing confirmation back from them in a few hours. Actinver gives us very good statements of earnings and details things like the Mexican tax on them. We have complete access to account statements on line and we check them at least once per week. We watch everything and everyone like a hawk. We actually had a Monex account but didn't like the way they do business and it just didn't smell right. Plus they delivered lousy returns. Actinver and MultiVa both do far, far better. I do our returns with TurboTax in a couple hours. Reporting the Mexican income and taxes is a snap with this software. 1 Quote Link to comment Share on other sites More sharing options...
bdlngton Posted June 7, 2019 Report Share Posted June 7, 2019 Read up on establishing a "tax home" in the US. Which state that is might obligate you to pay state income tax as well as federal. Quote Link to comment Share on other sites More sharing options...
johanson Posted June 7, 2019 Report Share Posted June 7, 2019 No state income taxes in WA state. Real high sales tax and real estate tax. Quote Link to comment Share on other sites More sharing options...
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