Living in Mexico

by Paul Lawrence
(Mexico)

I earn basic social security of $668 per month I live in Mexico & manage some properties as a rental basis this money is paíd into My paypal account then transfered to My US Bank then withdrawn here vía ATM.

I then pay the owners their rental money in Mx pesos.
I take only 20% of the earnings.

Do I owe taxes on this money?

Comments for Living in Mexico

Click here to add your own comments

Living in Mexico - Tax question
by: AMV/MO

If I understand correctly, your income from the rental property management is 20% of the the total rent generated for the owners. This is your foreign income, which is in addition to your social security income.

There are certain limits of foreign income within which you don't have to pay taxes. I would suggest consulting a tax professional in mexico, who is familiar with US tax laws. Here is a link to the IRS website on this specific topic, which you may want to read!

www.irs.gov/uac/newsroom/tips-for-us-taxpayers-with-foreign-income
Taxes
by: John A / Tyler, TX

There are only two certain things in life: Death and Taxes.

You'll owe some government money....Uncle Sam or Uncle Jose. I'd bet it's Uncle Sam that will squeeze the nickel until the buffalo sits.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Money: Income and Expenses.