DrPhibes

As a US citizen or Green Card holder, you are to file US tax returns for the rest of your life (even if you never touch US soil again) unless you are below a rather low income level that may or may not take into consideration Social Security payments depending on the other income amount in the return.  If you have a business such as a sole proprietorship, you file no matter what the net income is. 

For Foreign Corporation ownership:

If you have ownership in a foreign corporation, you may be required to file Form 5471 annually with your individual tax return. Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, should be completed for any US person who:

• owns 10% or more (directly or indirectly) in a foreign corporation,
• is an officer or director of a foreign corporation and acquired stock in the company during the year, or
• has any amount of ownership in a controlled foreign corporation (CFC) – generally, this is a foreign corporation that is 50% or more owned by US persons.

Also, US taxpayers who made a transfer to a foreign corporation during the year may be required to complete and attach Form 926 to their individual return. This form is required if the US person owns more than 10% of the foreign corporation’s stock at the end of the year, or if they transferred more than $100,000 USD to the foreign company during the year.

If you take money from the corporation to use personally, that is a dividend distribution or wages or both and is considered income to the US.

If you pay Thai taxes, you can offset the US tax generated by this income by applying the Foreign Tax Credit for the taxes paid to Thailand.  If the money is coming out of the corporation as wages, you can apply the Foreign Income Exclusion to shelter some or all the income tax as long as within a 12 month period (can span more than 1 calendar year) you were out of the US more than 330 days.   You can only apply the Foreign Income Exclusion to wages or self-employed partnership distributions, not dividends, investment sales, or retirement income. 

This is just an overview of Foreign income and the US tax system.  There are other nuances that may affect your particular situation. Best you get a US CPA or Enrolled Agent who is familiar with these particular set of rules.

Guess I won't be able to see the millions of passengers since I'm pretty sure I'll be dead by 2051...  BTW, I looked up Hua Hin and see no scheduled flights to the airport.  Just booked flight to DMuang from CMai then ground transport to Hua Hin.  Are there scheduled flights to Hua Hin?  I know years ago Kan Air flew CMai to Hua Hin.

On 6/8/2019 at 11:27 AM, cmarshall said:

From what I have read, VA is worse than that.  They take the view that your tax domicile remains VA until such time as you establish residence in another state.  Don' know whether they count US territories.  That means that if you retire from VA to Thailand, you would remain liable for VA income tax forever.  Nasty.

Add MI to that list.  Two year battle with MI for a client and it came down to the fact that he still has a MI drivers license (using mom's address) and declared MI as his state when in the military and never established a residency elsewhere.  Retired from the military 7 years go and moved straight to an Asian country.  Has not lived in MI since the late 80's.  Lives in an Asian country where he is a contract worker and not considered a resident (does not pay that countries income taxes).  Due to the drivers license and not establishing residency in another state or country, he is the hook for MI taxes.

They want foreigners but no English version of the sign up page.  Ya, that works.  My teens and I are AOW and would love to do this.

Have never had a problem with LA Consulate.  Thai guy working the Visa window can seem a bit "Official" but always a treat when Bernard is working the window.  Knows me on sight and asks how the family is and such.

Ya, the problem is I have two other teen kids of my own that attend NIS and usually need to be picked up at different times due to after school activities.   Just picking everyone up today after school was 2:45 worth of gas traffic and anguish mostly trying to get in and out of central CM.  May have to put NIS teens or maybe everyone on Grab if I can.  Thanks again everyone for input.

So, I have a 6th grade nephew who has blown away the Issan Schools and has moved in with us here in CM (San Phi Suea area) and has started to attend Yupparaj Wittayalai School.  The school is located just off center from the middle of the moat in old Chiang Mai.  Remarkably, for a school that has something like 4000 kids, they have no organized transportation service.  Have tried to see if a message board or any kind of parent organized Songtail/car service to no avail.  Anyone familiar with this school and can point me to such a service?  Thanks in advance!

Seems to me this is what Section 44 was made for.  Just say'n

Snakes, why did it have to be snakes...

My own experience (61yrs old, somewhat sedentary lifestyle):  Had some issues with peeing more than 1x at night.  Went in for PSA 1.5 months ago- 13.6 was put on antibiotics (Norfloxin 400mg) 2x/day for a month. 1st week down to 8.6, second week down to 7.2, 3rd week down to 6.5, 4th week end down to 4.4 with a free PSA to PSA ratio of .254.  So looks like prostatitis.  Even the 4.4  might be a bit higher than what can be as I do drink a couple of Lg Changs a day, drink coffee, and am on a combo of high blood pressure medicine where one of the components does kick up the prostate a bit for some (only side affect).  Easy and cheap to go straight to the lab here in CM (BRIA) at about 600 baht a PSA test. The HB combo is quite remarkable.  Was sitting at 161/91, started the combo and 5 days later was at 124/80 and have been around there ever since.  The combo is not on the market yet as a single pill but I can get the double does pills w/out prescription here cheap and cut'm.  Here is a link to the latest findings-  https://www.acc.org/about-acc/press-releases/2018/03/10/10/51/mon-8am-low-dose-triple-pill-lowers-blood-pressure-more-than-usual-care

Was in Pattaya about a month ago stopping at McDonalds only to find a big parking area at the gas station next door filled with Mongols.  This will not end well.

Smoke screen to allow Chinese, Taiwan, and India to get the real benefit, the rest are inconsequencial and are there to not make it look like they are picking favorites.  Still snubbing the West no matter how you slice it.

I just got lucky at the DMV ;-) (I think)

OK, OK, minds out of the gutter.

Went to get my 5yr license as my 2 yr temp was expiring this coming March and I'll be on travel.  After driving through abysmal traffic and making a wrong turn, I walked through the doors with all of my paperwork and copies at 9:07am expecting 1/2 a day at the DMV.  Walked out of the DMV at 9:28am with my 5yr license.  The place was empty and they only administered the color ID test, no reaction, no side vision, no training movie, and no written test.   Is this the new norm?

Town meeting tomorrow to talk about end of income affidavit come Jan 1st.

What's in the BOX!? Kuni (Wheel of Fish, UHF)

18 hours ago, EricTh said:

 

I believe if you select 'internet banking via direct debit', it is also charged at 40 baht. That's cheaper than using cc.

 

So why go to 711 to pay when you have to pay petrol costs too.

 

Do other airlines charge for paying? LOL

7 min walk (and I could use the exercise!) from my house.  Will use this process next time.  Thanks!!

Thank for all the input everyone, God is there anything you can't do at 7/11 these days!! 

So, we have been making our normal Nov-Dec flights from CNX to visit friends, the islands, etc... all within Thailand.  All but one flight was booked through Air Asia (only carrier on one flight) using out of country credit cards.  The processing fees now being charged by Air Asia for using a credit card were crazy!  Where Nok Air charged us a 6% fee for using CC, Thai Air Asia was 10-20%, yes, 20% on a lower than normal flight cost from Don Muang to Phuket.  Anyone else seeing these numbers?  Anyway to get around this aside from signing up for their crazy credit cards?  Sorry to rant a bit but, wow!

Hi All,

Going from an unexpired 2yr drivers license to 5 year.  Have the requirements for the Certificate of Residence changed? I have:

1. Two 4cm x 6cm photos

2. Copies of passport- Picture page, Visa page, and TM6

3. Rental contract- in Thai wife's name, bring copy of marriage cert and original.

This is what I used almost 2 yrs ago.  A lot of talk about TM30, is a copy of that now needed?  If yes, will the multi-stamped slip in my passport suffice?

Also, is it true CM immigration is taking 4 weeks to process for the "free" C of R?

Thanks in advance!

So,

Wait until the last minute to allow party developments into political foes and have 80+ parties competing for votes so no one can become stronger than the establishment?  Did we not just see a similar sham go down in Cambodia?