Is it good to put a money in a foreign bank?

"Do I have to report that money I made when I make my taxes in the US?"

Yes, depending on the size of the account, you must report it to the IRS.

If the sum of all foreign accounts exceed $10,000 at any time during the year all US citizens are required to file a "Report of Foreign Bank and Financial Accounts".

And remember, that $10,000 refers to the sum of the account holdings, not the amount of interest or dividend income you may be receiving.

http://www.irs.gov/irs/article/0,,id=184037,00.htm...

Sorry, but true.

You need to report all income and assets (such as the amount moved to or made from a foreign account) to the US gov if you're a US citizen. In this case there is no way of them knowing of your foreign income but if for some reason your found out there could be penalties.

the reason human beings take advantage of off shore banking, frequently, is to guard their money from taxation. places like the Cayman Islands have little or no tax on the interest earned on debts. i'm no longer particular why the different solutions here are all being down-thumbed for saying a similar aspect because it really is a properly commonly used truth. definite the taxes were oftentimes paid on earnings yet money in an account also earns money and the rich are averting that tax. also they are conserving their money from lawsuits or legal moves if those keep on with yet extra oftentimes than no longer it really is only a tax sanctuary. it isn't devious or unlawful, in basic terms undemanding experience once you've a huge adequate earnings to rigidity about taxation on interest earned. further: overseas banks at the on the spot are not obligated to record your interest earned to the IRS. So no, each and everybody isn't taxed on account interest around the international. further: there is no longer something undesirable about taking it. it really is undemanding experience to take it. many times besides the indisputable fact that you may be a minimum of wealthy adequate to have the means to robotically holiday to the Caymans to even take great element about it. i do not study about your earnings yet mine isn't sufficiently enormous to rigidity about the tax owed on the interest earned for reductions debts. yet in case you earn over 370k a 365 days in interest it will be a challenge that would justify putting your money someplace it may earn interest with no 35% tax. If it earns larger interest than a US account than it extremely is even extra effective. And if it continues to be accessible than it extremely is a no-brainer as Cheney would say.

You have to pay taxes in that country and in the U.S., but you can deduct on the 1040 form up to $300 you paid in foreign taxes. That $300 doesn't get deducted from your gross income, but the final taxes owed to the federal government. You also have to pay state income tax on that money.

If the interest is paid to you here in the US from the foreign bank then it is taxable. If it stays in the account then it will only be taxable when the money is paid to you.

How secure is you money though? Is it insured? I'm sorry, I would not risk my money out of the greed of a high interest rate. If you're comfortable though, then go for it.

That's messed up. If you have a bank account, they'll want to know where you live. I smell a scam.

Only if the money is illegal but it into a bank in the Camen Islands

you should put it in a bank! to save up to buy a car,gas price, and millage

i would love to have the car of my dream!i got my license 5 weeks agpo . so save money in a foreign bank it could be good for you!

not good