AmbergrisCaye.com Home Forums Talk Belize Chat Area Expats! 911 of U.S. taxlaw. Earn $91k/year untaxed

AC you seem like a good guy and here is some free advice (probably worth what your going to pay for it) Look at all possiblities but when it comes to taxes, don't get too cute. Everyone I know that has, did have a day of reckoning so to speak. Best to keep it simple. Good luck

But you still have to file taxes in the US. You can check current laws with the US Embassy, who in the past, have had a tax person in country prior to April filings.

Question.....if I have a Belize bank account that I have earned interest on, but I live in the US, do I have to file a Belize income tax return?

Loansum, good question, I tried to look it up but my head is spinning from trying to find an answer. Hopefully some one has it. I do know that I intend to check the box on my US 1040 that says I have a foreign bank account. I carry a relatively small sum for expenses but don't want to get tripped up in the USA.

Oops, haven't reported the interest on my US returns at all, since they don't issue a 1098....

Oops, now I have to report you. The IRS knows I saw this site and so I'm an accomplice if I don't -- sorry

Well played sir lol

I am told that you must be a bona fide resident and live outside the country for a full year . Jan- January (1 calender year), if you start in April you must wait til jan comes around to start your year to QUALIFY . Not sure if state or fed taxes sy you may not occupy any property you own while vacationing,or visiting states,soooo; Sammy wants you to get a hotel or room with your neighbor.
this information should be handled with your cpa, OOOOh i mean your tax lawyer. Almost forgot with int. law they squeeze cpa's , to give up your info . And from what they tell me your info. is confidential with a lawyer . Please speak to a professional tax person , these are issues our clients have dealt with .
We all have to keep in mind all that $ goes to great causes and people .My question ,Is a pay off earned income or unearned income ,hmmmm wonder if the polyies got that figured .Its just paper and they are printing more so we should have plenty .

Don't miss Lan's point that it must be earned income as an employee. You can not own the company, the IRS has stated to me directly when refusing my deduction.
Speaking of offshore accounts, this week in the paper the Prime Minister said he will begin giving out offshore accounts info to the IRS of any country who asks.He doesn't want to kick the legs out of the illegal money biz but says he has no choice.
Well spoke ragman

Tim, I believe what you say is correct. If you have a CPA who is also an attorney then any conversation between you including paperwork is privledged. That is not so if your accountant/CPA is not an attorney. Of course I'm talking US Law.

PS On top of everything else your accountant has to be careful what he tells you because he can be censured or fined or at least that is what my accountant who just retired informed me.