Thai Taxes on sale of condo?

[jerry921]

How does Thailand tax the gain on the sale of a condo? (Assume it's my principle residence, if that makes any difference to Thailand).

 

Admittedly, I'm looking way ahead, but I like to understand the rules before I start playing the game. I think I have a clear understanding of what it would mean for my US taxes.

 

[dotpoom]

It has been my experience that the price in the contract is not necessarily the correct one.

[moonseeker]

https://www.samuiforsale.com/knowledge/real-property-transfer-taxes-and-fees.html

 

Here all the details. If held by a company it is a different story and can get more costly if you decide selling when time has passed and assessed value has gone up much. Regards. MS>

[eggers]

It seems rare these days to make a profit on sale of an older Condo (read as, 3 + years),several friends had sell at purchase price or less, as needed the funds!

[Suradit69]

2 hours ago, eggers said:

It seems rare these days to make a profit on sale of an older Condo (read as, 3 + years),several friends had sell at purchase price or less, as needed the funds!

Where the building is located and how the building and facilities are maintained are probably as important as age.

 

I do agree that you should only buy a condo thinking in terms of having a home, not with the expectation that it will prove a profitable investment, but if you live in a condo for  5 years , for example, and a comparable unit rents for Baht 18,000 a month, you have to take into consideration the 5 x 12 x 18,000 = Baht 1,080,000 in rent you would have paid if you hadn't bought your own place.

 

Obviously if you bought a studio, bare-bones condo in some back alley, the initial cost and comparable monthly rent would be less and the chance of a sale after a few years would be equally dismal.

 

 

 

 

 

 

 

Edited March 9, 2018 by Suradit69

[jerry921]

Well, there was another thread on here about rents being pretty stable or dropping slightly over the last couple of years, so I guess I'm not shocked to hear that purchase prices have also been flat to down. But that's in pretty stark contrast to everywhere else in the world.

[murraynz]

i wouldnt spend too much time worrying about paying taxes on profit from condo sale---i doubt if many are sold at a profit.. as i condo owner, i will be quite happy to sell at "close" to purchase price after 5-6 yrs...

i believe a quality builing with fantastic sea view- has better chance of holding value than most -i also bought at good price.

i also think most of the sales and purchase figures, are "reduced" for the land office, so the chances of tax department finding a profit, would be very scarce.

[blackcab]

2 hours ago, murraynz said:

i wouldnt spend too much time worrying about paying taxes on profit from condo sale---i doubt if many are sold at a profit.. as i condo owner, i will be quite happy to sell at "close" to purchase price after 5-6 yrs...

i believe a quality builing with fantastic sea view- has better chance of holding value than most -i also bought at good price.

i also think most of the sales and purchase figures, are "reduced" for the land office, so the chances of tax department finding a profit, would be very scarce.

 

You are not taxed on profit. You are taxed on the entire sale price or the assessed value, whichever is greater.

 

This means you will pay whether you win, lose or draw.

[murraynz]

44 minutes ago, blackcab said:

 

You are not taxed on profit. You are taxed on the entire sale price or the assessed value, whichever is greater.

 

This means you will pay whether you win, lose or draw.

thats a sales tax NOT ' income tax', which is what the original question related to.

[jerry921]

Actually, I'd like to know about all taxes associated with buying and selling a condo. The link was fairly helpful. It mentions a "withholding tax". That sounds like an income tax, especially since it says it's progressive. Is the entire value of the property sold counted as income?