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 Moderated by: bartmanaz  
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nice guy
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For a perm resident with interest income from a Mex bank?

will rogers
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On the bottom of your US tax form Schedule B there is a check box for that. Read the instructions on the bottom of Schedule B and see if it applies to you.

nice guy
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Mexican taxes - I'm not from the US.

Bullshipper
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I believe the bank deducts for Mx

Limey
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taxes are taken out when you make a deposit, but the deposit has to be over a certain amount each month, go to CI Banco and get all the rules... i took cash from my account at Santander to banamex, a few yrs ago, unknowingly depositing all the cash at a one time deposit, when the statement came i saw a 500.00 pesos deduction. Danny explained" You can make deposits, but only so much, if you go over, you pay tax...

nice guy
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Limey, I'm asking about being paid interest here by a Mex bank. My NOB soc sec is direct deposited to a Santander chk acct. Occasionally it builds up and I buy a new car, house extension, solar elect system, etc and stunt it a little. I see interest rates at CiBanco - was wondering how people get taxed on the interest. I'll ask both of these banks, was wondering if others had any experience. BTW, my direct deposits have never been "taxed".

Limey
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Checks no, cash yes.

Bullshipper
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I looked it up in spanish and it says the banks are obliged to deduct 0.6% per month. This is final payment for all unless you are a mexican and earn more that $100k pesos a year, whereby you can file your yearly return and report same to see if your deductions favor you.

Money's deposited into your account by credit card transactions can be taxed as income unless you justify same with regular reportig per mexican tax law.

But I have never been taxed when depositing checks into an type of mx bank account from my other bank accounts.



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