Hello everyone,
I know this question would be more suitable for an international tax professional but I figure to ask here first.
I am dual citizenship Thai and US and currently reside in the US and file taxes in the US. If I purchase an investment property in Thailand and rent it out continuously to a Thai business, and earn a monthly income, would I be liable for income taxes in the US? I think the answer would be yes since the US wants a piece of any kind of income you earn.
I have a Thai bank account and all the transactions (purchase, rent payments, etc) would be in Thailand, but the initial money for the property purchase would be transferred from the US into my Thai bank account, so I don't think there would be any way to 'hide' this investment from the US IRS, not that I would try that anyhow.
Just seeking opinions from anyone who has done something similar. Thanks!