HuskerDo

36 minutes ago, markaoffy said:

Wow a million down the crapper !


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Has anyone seen this below? Do they want to drive all the foreigners who want to contribute to their society (at least by spending our money there) out of the country forever? Crazy!! 

BANGKOK — Foreign nationals residing in Thailand are being asked to disclose personal information to the government, including their bank details and where they hang out online and offline.

Internal documents obtained earlier this month by Khaosod English showed the Immigration Bureau would ask foreigners for personal details about places they frequent in the virtual and real worlds, additional information to be filed before they can extend their visas or complete the routine 90-day reports required to reside legally in the kingdom.

Full story: http://www.khaosodenglish.com/detail.php?newsid=1460977949&typecate=06&section=

56 minutes ago, BertM said:

 

 

I have interest on thai bank accts. The interest is reported on US 1040 tax return and a credit for the 15% withholding is reported also. I do not file Thai tax return. 

I apologize Bert but I'm not sure what you're referring to when you say "and a credit for the 15% withholding is reported also". Are you saying the Thai govt withholds 15% of your interest earned yet you don't need to file a return with them? Sorry for my confusion. 

10 minutes ago, jacko45k said:

I believe that is not difficult. Not the fault of Thai immigration. 

Agreed.

1 hour ago, BertM said:

I have filed FBAR every year since been in Thailand after opening a foreign bank account. It is done online and takes me about 10 to 15 min. If you have $10,000 or more USD or equivalent in foreign currency in a foreign bank account or in multiple accounts combined (at any time during the year) you are required to file it. The treasury posts a foreign currency rates table for the end of each year to use to calculate if you meet requirements. Example, 32.50 THB to 1 USD. If you have 400,000 THB in acct or accts, then you are required to file.

 

Thanks Bert. The reason I was asking is that there is question as to whether or not we'll be required to have 800,000 baht in a Thai bank to live there. I'd just rather put in in an not touch it until I leave the country to make things easier. 

Question on the Thai bank account tho. I suspect the interest accumulated each year will be minimal on the account but would a person be required to file a Thai tax return due to it?

8 hours ago, skatewash said:

Good reminder of the FBAR every American has to file annually if they meet the threshold requirement.

However, the FBAR (FinCen Form 114) is completely separate from your federal income tax return.  In fact, the FBAR even goes to a different organization (Financial Crimes Enforcement Network) of the Treasury Department than the IRS.  Also, you can be required to file an FBAR even if you have no obligation to file federal income taxes and vice-versa.  They really are separate things, they share the same due date though.

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

 

Skate - I've never had to file an FBAR before so can I ask is it something (form) that you print off and mail to the Treasury Dept or is it completed on-line? I've determine that I most likely won't be filing a tax return while living in Thailand as I won't be owing any taxes thus a tax return is not required. None of my "income" will be taxable (i.e. Social Security, tiny pension, possible IRA distributions). I can live off of my SS easily and the small pension doesn't amount to much. The IRA distributions actually won't be needed but if taken I'll take them is such small increments each year that they won't be taxed either.    

Thanks Skate. When I mentioned submitting the form at the same time as doing your taxes I meant it was a good time to do it along with your taxes so it isn't forgotten.

On ‎12‎/‎19‎/‎2018 at 3:13 AM, JLCrab said:

Nah it's only about $25,000 but who knows what's on the minds of the IMM top brass.

FYI, if you are from the US you will need to report to the US Govt (another form completed when doing your annual taxes) if you have an overseas account with $10,000 dollars or more for even a single day. The 800,000 baht in a Thai bank will force this since it's about $25,000 dollars.