What are the tax implications for US citizens leaving money in a Thai bank account?

Vagabond is not an American or he doesn't understand tax law....I didn't say your taxed on the balance of your account**** I said you should report any and all foreign earnings interest earned and payments. U can exclude.up to 100k. But report. Thomas can't read or is a Russian Troll.

Just so u know...u can claim credit or up to 100k.in foreign earning no tax...but report.

Only 15% of interest

I m stranded in the UK and put my money into a thai bank account not tax penalty from no country don't no about Usa

If you are using Citibank Thailand they will send you a US 1099 on the interest and withhold Thai Taxes which you can claim as a credit on your USA income taxes. For Citibank, you are not required to file a FBAR. Bangkok Bank will not issue a US 1099 on the interest and will withhold Thai taxes. You should still report the interests on your 1040 and claim the credit for Thai Taxes. For Bangkok Bank you will need to file a FBAR if you have a balance greater than $10,000 at year end

Many times, it can be more advantageous just to put your money in a non-interest bearing account, as you are only taxed on interest earned, and it's not that big of a loss considering the hassle involved.

You have to file an FBAR every year that you have a bank account abroad with the equivalent of $10,000 or more. If you don’t the IRS can fine you $10,000 if it was unintentional or they can fine you $100,000 or 50% of your money whichever is greater if they think you intentionally didn’t file it. Pretty scary stuff but its easy to fix. Most accountants will charge you $50-$100 to do this. Or You can find the link on the IRS website or google it and file it yourself. Its actually super easy it took me like 5 or 10 minutes to do it myself. Same deadlines as taxes. If you make interest on your bank account abroad you are supposed to add that to your taxable income or wherever it asks when you file taxes. Filing taxes abroad is kind of confusing. If its your first time its better to just let an accountant do it (probably $300-$500 fee) and maybe the next year you can take those forms as an example and do it yourself if you want to save money.

His comment was technically incorrect. You are not taxed on the money you have in a bank account, you are only required by US tax laws to file a form declaring all foreign bank accounts and the funds within. You are taxed on earned income as applicable - not money in banks.

When I did my taxes this year I let my accountant know that I had an account here with more than $10K USD. He said ok. That was that. I didn’t see any additional tax burden.

Thanks

😂😂😂😂 Most Thai people don't even understand how taxs work in Thailand, yet they know what the US government is going to tax you? Lol

The biggest thing in regards to keeping money in a foreign bank account is filling an F-bar if you have more then $10k USD in your account.