QUESTION
I am 68 yrs old & live in mexico, my US soc sec is the very basic $8,000 per annum paid monthly into my US account.
Asked on Feb 18th, 2016 on Taxation - California
More details to this question:
My wife & I operate a small B&B with payments going via pay pal into that same US bank account. We pay local taxes on money earned Do I need to declare this income to the US authorities? is it subject to US taxes? & am I liable to lose any of my Social Security benefits?
1 ANSWER
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If you are a US Citizen or permanent resident (green card holder), then you are subject to US income tax no matter where in the world you earn income.
Answered on Feb 18th, 2016 at 7:27 PM