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lanny

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Posts posted by lanny

  1. That sounds like a place called "Baan Nam Khien Din" but it is not actually in the city. Depending upon the time of day and the day of the week, it takes up to an hour to get there. It's located in Nakom Pathom, on Phutamaton Sai 2.

    I'm not certain my spellings are accurate but they are close.

  2. Yes, they note the original passport number, the vise type, and the last date of entry in the new passport.

    If there was less than a year validity when you renewed your visa, they would only extend until the passport expired. But, when you transfer information, they add the missing time so that, in the end, you do get the full year extension.

  3. That law was overridden by Congress some 15 years ago. It is now Federal law that such income paid to a non-resident cannot be taxed by a state simply because it was earned in that state. I have experience with this because several clients were effected and my own father faced this.

    Maybe I'm misunderstanding what you mean, but I just did a quick Google search and the top responses included:

    -----------------------------------

    What is a nonresident state tax return? Do I need to file one?

    Simply put, a nonresident state tax return is a tax return for a state other than your resident state. You'll need to file one if:

    -- You earned wages or income in a state you're not a resident of;

    -- You received rental income, gambling winnings, or sold a home for a profit in a state you're not a resident of;

    (source: http://turbotax.intuit.com/support/iq/TurboTax-Topics/How-do-I-File-a-Nonresident-State-Tax-Return-/GEN12109.html)

    -----------------------------------

    Example 3: You live in South Carolina but you work in North Carolina for one week. You file the resident form for South Carolina and file the nonresident form for North Carolina.

    Example 4: You live in California and you have a rental property in Oregon. You file the resident form for California and file the nonresident form for Oregon.

    Example 5: You live in New York and your great aunt died and left her Connecticut farm—which continues to operate until it can be sold—to you. You file the resident form for New York and a nonresident form for Connecticut.

    (source: http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/Multiple-States---Where-To-File/INF12054.html)

    -----------------------------------

    Residents of California must pay income tax on all sources of income and non-residents pay tax on any income from a California source.

    (source: http://www.ehow.com/about_6134405_california-state-income-tax-information.html)

    -----------------------------------

    Granted, some of those links are a few years old, but definitely within the past 15 years, and each one indicates a need to pay a tax to a state simply because the income was earned in that state, when the taxpayer is not a resident of that state. Please note that rental income, the topic relating to this thread, is included in those non-resident tax obligations.

    Current income earned in a non-resident state is and always has been taxable in that state. What changed was taxation of pensions and similar sources of income. California developed the theory that any portion of a pension earned in California was taxable there, even if the recipient was no longer a California resident.

  4. Several years ago when I lived in Nevada, there were legislative moves by California to be able to tax retirees who moved across the state border to avoid paying CA state income tax. (NV has no state income taxes.) CA implemented strict requirements as to who was required to continue paying CA state income tax even after no longer physically residing there. And, that was before the huge state budget deficits of this past decade.

    So, yes, it's not a stretch to believe that there are likely other states who now have laws on the books that might put a non-resident property owner on the hooks for state income tax, similar to how the IRS taxes US citizens on their worldwide income.

    It would not surprise me that even if the OP could convince them that today he is simply a non-resident investor, that if later he subsequently moves into the property, that they could assess him past-date income taxes, penalties and interest backdated to the date of purchase. As stated above, the states are desperate for tax income.

    That law was overridden by Congress some 15 years ago. It is now Federal law that such income paid to a non-resident cannot be taxed by a state simply because it was earned in that state. I have experience with this because several clients were effected and my own father faced this.

    Furthermore, there are statute of limitations rules that would prevent the unlimited assessment of back taxes, etc. There are also rules that counter double taxation of the same income.

    I don't see the problem here. There are a great many "absentee landlords" who own and rent out property in one state while living in another.

  5. I think you are complicating a rather simple problem. True, you would need to file a state return but you would file a Non-resident form and only include the rental and expense. Both returns would still show the Thai address. You would need to report the rental income on Schedule E of your Federal return anyway.

    Just because you own property doesn't mean you are a resident. Consider the New England resident who own a Florida summer condo; does he become a resident of two states?

    I agree I MAY be complicating this situation, but I still remain confused about tax/residency issues/primary residence issues for tax exclusion on sale (I want to keep that in Thailand).

    In any case, one BIG part of this potential transaction has gotten a lot simpler.

    The idea of co-owning the property 50/50 has been scrapped. Now the potential deal involves me buying the entire property with 10K down, and 30 K financed with a 15 year low interest private mortgage from the seller. For that part, definitely cleaner.

    I hope to reframe some of my revised concerns later; thanks for the feedback so far.

    You still are confused.

    Buying a property for investment purposes (renting it out) does NOT establish residency. Owning this house, whether, half or whole, would in no way affect the foreign residency status for income earned here. In any case, rental income does not qualify for the foreign exclusion; if you make a profit, you pay the tax. Usually, though, with interest and depreciation, rentals do no produce a tax profit for many years.

    Just because you receive SOME income from a particular state does not mean that you must pay tax on ALL your income to that state. If that were true, many people would owe all their income to the various states! Also, state and Federal taxes are not unified, that is, they may differ from state to state but each state sets its own rules, independent of what the Feds do.

  6. I think you are complicating a rather simple problem. True, you would need to file a state return but you would file a Non-resident form and only include the rental and expense. Both returns would still show the Thai address. You would need to report the rental income on Schedule E of your Federal return anyway.

    Just because you own property doesn't mean you are a resident. Consider the New England resident who own a Florida summer condo; does he become a resident of two states?

  7. The tax treaty between the US and Thailand does not excuse Americans from paying taxes in Thailand. In fact, the treaty exempt only those who are NOT living in Thailand from paying local taxes. If you are "resident" here, you pay local taxes but may be entitled to an exclusion of some income and a credit for Thai taxes paid on other sources. In effect, the tax treaty only applies to non-residents.

    If you paid taxes to both Thailand and the US, the proper place to look for a refund is the US. If you did not claim the benefits of the expat provisions of the Internal Revenue Code you should look into filing amended returns with IRS.

  8. I guess it depends on the individual officer. I went out to Chaeng Wattana about 10 days ago. The male immigration officer took me in, out of order, because he saw me waiting in a wheelchair. Vere courteous and friendly, even offered to arm wrestle once. I had all my documents ready (application, embassy letter, letter from the bank, copy of bank book, copies of passport pages) and we were out within 10 or 15 minutes, including waiting time. We were back home within about 2 hours of starting out.

  9. Unless your wife is a US citizen or has lived with you, in the marriage, for at least 5 years in the US, she will not be eligible for any benefits. If she is not a US citizen or permanent resident, the Social Security Administration will not pay any benefit without her having lived in the US - no matter how long you were married or how many kids you have. Your children, if US citizens and minors, might be eligible for some benefit until they reach maturity.

  10. What you are refer to as an "IOU" is more commonly called a "bond." Default means a failure to pay those bonds.

    State budgets are failing because of the national deficit? That would be a ridiculous notion if it were even coherent. State budgets are failing because of the loss of tax revenue due to the continuing effects of the Great Recession caused by unregulated lending of banks, mortgage lenders, AIG, investment banks, etc. The effects you are seeing are the effects of the recession. If the Republicans succeed in their plan to reduce national and state govt spending, those effects will get worse, not better.

    The US is not printing money. This is the year-over-year growth of M2 from the St. Louis Fed. Where is this doubling of the money supply?

    You are free to believe all the received opinions from right-wing radio, if you like.

    Last post for me as we are waaaay OT

    Yes... call the IOU what you want it does not matter as my point was....What is being used to buy the instrument. As I said it will not be a default in a classic sense...I see you do not understand what I wrote.

    As for States....go re-read my post as you have it backwards hence your comment (ridiculous notion if it were even coherent)...Which again is due to your lack of comprehension of what I wrote.

    Thanks for your M2 picture but,it is meaningless.....If you like go look at what M2 includes or more importantly what it does not include then think about it....or not

    Lastly as to your right wing radio comment........I neither listen to right wing nor left as they are two wings of the same corrupt bird. But carry on listening to which ever you like ;)

    Take Care

    My question to you is: "What would you have the social security fund invest in? Or, would you prefer that they stockpile the actual cash?" When they take in more than they pay out, what should they do with the excess?

    Any insurance type scheme must do something with the money they collect. Just holding on to the cash will not provide the benefits promised. Therefore, they have to invest in something that will pay an income. The alternative to US bonds could only be the stock market. Given the size of the SS fund, that would make them the largest stockholder in the country and when they had to cash in their investments, it would drive the stock market down. How would that be avoided?

  11. As a US citizen, your friend is required to file a tax return and report ALL world wide income. If he qualifies, he may exclude up to $90,400 of income from US taxes but he must file a return to claim the exclusion. In addition, or as an alternative, he may claim a credit against any US tax for taxes paid to Thailand (on income subject to both US and Thai taxes.) So there should be little or no double taxation.

    Remember, one of the great privileges of US citizenship or permanent residency is to file a tax return and pay taxes of all of your earnings.

  12. ss is a ponzi scheme. none us should expect what we deserve.

    Nope. Not even remotely true. In a ponzi scheme the investors all expect to be paid a return on their investments and get their principal back. But that cannot happen because the money has been stolen. Under Social Security, which is an insurance scheme, wage earners pay in to buy insurance that protects them against being old and poor. But, only the survivors can collect. This feature is called the mortality credit. SS only pays you while you are alive.

    As long as the US economy grows there will be enough to pay all the promised benefits, including planned increases in real payouts.

    Social Security is NOT and NEVER WAS an INSURANCE scheme. From the very beginning, back in the 1930s it was intended as a pay as you go plan; that is, current workers would pay enough to cover the benefits of those who had retired. Nobody at that time anticipated the baby boom that followed WWII. We are going from a society where the employed out numbered the retired to one where the opposite is true.

    Following the defeat of Barry Goldwater in 1964, largely because he was perceived to be advocating a cut in SS benefits, no politician who has any desire to be re-elected wants to be seen as voting against social security. To do so would be political suicide. In 1964 the senior segment of the population was already politically potent; in the 40-plus years since, that element has grown much more powerful. So, social security will not go away but will have to be reworked to cover the growing benefits.

  13. <br />
    if I was to be paid into a bank in Singapore for example, or Hong Kong, where the tax rates are lower than here, I would be able to eliminate by tax burden here in Thailand or would I have to pay taxes on money I wired in from my bank overseas?
    <br /><br />-if a part of your salary is paid into a Singapore or Hong Kong account and you are a resident of Thailand neither Singapore nor Hong Kong will levy any taxes.<br /><br />-if you transfer in 2011 money from abroad which you have earned (or claim you have earned) in 2010 no taxes due in Thailand.<br />
    <br /><br /><br />

    Hmm, sounds to me like an opportunity for tax free living....or am I missing something........

    Not quite. You will still need a work permit here and that requires a minimum salary paid locally. In addition, the Revenue Department will want a "reasonable" salary to be reported.

    Remember: "Pigs get fat, Hogs get slaughtered."

    If you reduce your Thai taxes, you also reduce the credit available against your US taxes. So, if you make enough, you would just be trading one tax for another.

  14. - all RESTAURANT delivery companies around the world get a discount of up to 35-40% from the price of restaurant food. It's normal. Rarely is the discount 5-10% (think: credit card companies receive a commission on every credit card sales, and they also give 5-10-15% off the meals at the restaurant, at the expense of the restaurant!)

    - Restaurant provide delivery as a value added service for their customers. Most restaurant owners recognize this but sometimes it's not the same for the restaurant staff (as sometimes the staff feel it's a burden)

    - rarely, very very rarely, do restaurant delivery companies charge a MARKUP. this is true for UK, USA. In many cases, food takeaway or delivery is cheaper than having the food at the restaurant

    ChefsXP realizes the many many problems associated with the delivery business as we have been doing this for a long long time. Hence, we do not charge a markup.

    We shall continue and improve our business for everyone to enjoy meals at home without being overcharged !!

    Thank you for all those that understand and appreciate our service and sorry (again) to all those who are dissatisfied with us.

    Thank you also to all the great restaurants that love us for our NO MARKUP!

    Would it be possible to get a workable password to my account, then? I may have been somewhat harsh it dealing with your staff but never used profanity. When I order by phone, now, I simply place my order without comment about the problems with the web site. Nevertheless, I would prefer to order on-line but can't. I'd like to correct this.

  15. I don't find your complaint so odd - I've had the same problem myself. Particularly one place that never seems to have the steaks listed on their menu! But, only that one restaurant.

    Their on-line service, though, had really deteriorated. Their server is slow! Now, it refused to recognize my password. When I tried the lost password button, it said that a new password had been sent to my e-mail - but, it hadn't. This happened twice! Since then, I can't login to place an order but have to call in each time. Their on-line support doesn't seem interested in solving the problem but just suggests that I call!

    I still order from them because I like their prices and selection but the tech support stinks!

  16. Not quite! The quote by LangsuanMan tells why. But, nobody had said that you still need to file a tax return to claim the exemption. For 2009, up to $90,400 could be excluded under either the bona fide resident rule or the physical presence rule. This exclusion is not automatic and you have to tell IRS that you qualify under either rule.

    The basic rule is that all world-wide income of a US citizen or permanent resident is subject to income tax. The exclusion for foreign earned income is an exception in the law (and could be taken away.) If you pay Thai income tax, however, you are entitled to a credit against US tax for at least part of the Thai tax. (This cannot be taken away by Congress as it is a provision of the Thai-US tax treaty.)

  17. If you made the same income in 2010 as in 2009 you should actually pay less tax. Assuming all other things are also unchanged, the indexing of personal exemptions, tax rates, etc. should result in a lower tax liability. If your income was in Thai baht, sdditionally, the US tax would be even lower.

    It seems to me that you must have made a mistake somewhere. There have been no significant new laws or rulings that would account for an increase.

  18. I grew up in Southern California and I remember the Good Humour ice cream trucks and the Helms Bakery trucks. These use to come around every day and you could buy ice cream bars or cups and fresh bread and other bakery items.

    Each had a unique horn or whistle they would use to announce their arrival.

    As kids, we used to wait anxiously for the Good Humour ice cream. I don't remember for sure but I think an ice cream bar was a nickle or dime! Can't imagine the business would make any money today.

  19. I completely missed my April reporting date. When the next date came around, I sent my wife to make the report. They wouldn't accept the report from her, said I had to come in person to pay the fine. As a result, I was late for July by the time I actually got there. All I had to do was pay the 2,000 baht fine and sign some papers. Reset the next 90 day report and was encouraged to report by mail.

    Simple, just time consuming.

  20. Each year, Social Security will send you a questionnaire. If you don't reply, they stop your payments until you do. On this questionnaire, you are asked if you work; and, if you do, to give the details. Among the details, they want to know how many hours you worked each month. Then, if you work less than the 45 hours, you are asked to explain why. They also cross-check against income reported to IRS on your tax return.

    Of course, if you work for a Thai company, the IRS is not informed, and you could simply not report the income. That is a fraudulent return, however, and there is no statute of limitations on IRS assessing taxes and penalties, should they ever find out. Then, social security could claim you received benefits fraudulently and demand you pay them back - with interest!

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