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Posted
21 hours ago, NoDisplayName said:

 

 

US capital gains can be offset by capital losses. 

 

 

 

 

Only up to a maximum of $3000 USD per year, although any excess losses over and above the $3000 in one year can be carried forward to the next year(s).

Posted

I think there is AI tax systems that will easily tell them how much tax is owed by an individual as long as the data is accurate and the perimeters are correct. The world is changing.

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Posted
3 minutes ago, beammeup said:

I think there is AI tax systems that will easily tell them how much tax is owed by an individual as long as the data is accurate and the perimeters are correct. The world is changing.

 

At this point in time, I wouldn't trust A.I. as far as I could spit.

Posted
16 hours ago, Merrill said:

Taxation is a criminal offence in itself, just that we all are so used to it. A bit like the dog that has been chained up and you shorten the chain every day, the dog does not notice. If we all said enough is enough it would all go away.

 

 

Bro, you live in a Democracy, you just need to vote harder to make things happen, right!

 

 

 

 

 

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Posted
22 minutes ago, MeePeeMai said:

 

Exactly, the main reason I chose Thailand to retire in was I just wanted to retire in peace and be left alone. 

 

Pretty much the situation until the last election.

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Posted
1 minute ago, NoDisplayName said:

 

That is incorrect.

 

You may offset UNLIMITED capital losses against capital gains in any given year.  If there are MORE losses than gains, then up to $3000 may be used to offset other income.  The excess over $3K can be carried forward.

 

If I sell my shares of Apple and make $20,000, then sell my shares of Peloton and lose $20,000, these offset on Schedule D and I have $0 income from these transactions, and owe $0 tax.

 

Thailand only sees, and taxes, the sale of Apple shares, taking 20-35% of $20,000.

 

Thanks for the clarification.  I stand corrected.

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Posted
17 minutes ago, NoDisplayName said:

 

I manage my investments to stay just under the taxable limit, following the IRS rules.  I am retired with no salary.  I collect about $15K in bond interest and dividends, and take about $45K in capital gains from stock sales, sometimes dumping some under-performers and using losses to reduce gains.

 

Using the 0% capital gains rules, I can sell and then repurchase stocks to reset the cost basis, taking the profits now (tax-free) and reducing the future gains.

 

That activity with a $0 US tax bill will result in about $60K assessable income and a $10,000 tax bill from Thailand.

 

Good strategy (for US taxes)!  Just remember to adhere to the 30/60 day "wash sale" rule (I got caught out on that one a few times). 

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Posted
15 minutes ago, NoDisplayName said:

a $10,000 tax bill from Thailand.

 

a $10k USD or 365,000 baht Thai tax bill?  Yikes!

 

That's going to hurt.

  • Agree 1
Posted
5 minutes ago, NoDisplayName said:

 

Every.  Single.  Year.

 

Already discussed it with wifey.  If this goes through we 'bug out'.

 

Sell the Isaan house, buy a condo in Rayong and a condo in Siem Reap.  We can spend four months in each, a month in Vietnam or Laos and a month in China.  Or any combination thereof. 

 

 

 

Sounds like a solid plan!  I certainly wouldn't pay 10k a year (extra) just for the privilege of staying here more than 180 days a year.  

 

179 days a year = Free (other than annual extension fee)

180 days (I wouldn't chance it)

181 days a year = 10k USD 

 

I'm going to do the same thing because my Thai tax bill would be much higher than yours I'm afraid.  

 

 

 

 

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Posted
On 6/6/2024 at 9:35 AM, Mugi said:

So when you transfer money from abroad to buy a Condo you have a 35% tax problem?😉

...or you already bought a condo before 2024 (or a car) that you are still paying off. Do you have to pay taxes on the monthly installments starting this year?

Posted
18 minutes ago, JimGant said:

MAGA BS.

MAGA is against taxing the unrealized gains and also, Biden and Yellen are not MAGA lol

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Posted
1 hour ago, NoDisplayName said:

Already discussed it with wifey.  If this goes through we 'bug out'.

 

Sell the Isaan house, buy a condo in Rayong and a condo in Siem Reap.  We can spend four months in each, a month in Vietnam or Laos and a month in China.  Or any combination thereof.

 

This could be an interesting option for Americans who are in any case sheltered by the IRS to some extent.

 

Being a tax resident nowhere used to be a popular theory, but times they are a-changin'. Financial institutions are increasingly reluctant to accommodate customers without a precise, proveable address and TIN from somewhere.

 

I would hate to wake up and learn that the country of my citizenship (or someone else) has decided to be the 'last resort' provider of tax residency for me for the previous ten years because I did not have one anywhere else.

 

Luckily, many jurisdictions also offer an actual tax residency on favorable terms.

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Posted
14 minutes ago, Eudaimonia said:

 

This could be an interesting option for Americans who are in any case sheltered by the IRS to some extent.

 

Being a tax resident nowhere used to be a popular theory, but times they are a-changin'. Financial institutions are increasingly reluctant to accommodate customers without a precise, proveable address and TIN from somewhere.

 

I would hate to wake up and learn that the country of my citizenship (or someone else) has decided to be the 'last resort' provider of tax residency for me for the previous ten years because I did not have one anywhere else.

 

Luckily, many jurisdictions also offer an actual tax residency on favorable terms.

 

Other tax residency doesn't matter to the IRS.  Americans are taxed on worldwide income regardless of physical location.  Only difference comes with foreign earned income.  With no foreign salary, we pay the same tax no matter where we sleep at night.

 

I list my Thai address on my 1040 for mailing purposes, could just as easily use a US address.  I'll always have a tax home in Uncle Sam's gentle arms.

 

I object to paying out to another government on already taxed income, with.............nothing................in return.

  • Agree 2
Posted
23 minutes ago, Robaht said:

So is the general feeling that for 2024 an expat over 180 days will need to file a return based on the amount of money brought into the country (and I still find it highly improbable that the amount would include credit card purchases or even ATM withdrawals) and that “if ever” it looks like a type of global income tax wouldn’t happen until 2025 or later? I mean TIT but realistically for them to figure out how to implement it and what docs are required from every country, much less that the filing date end of March is even before the filing date in countries like USA. I guess I am planning to ride out this year, get my Non-O extension and then prepare for the inevitable 179 days in country. Such a hassle.

 

I am of the opinion by the time they get this highly complex tax mess figured out it could be decades into the future....So I am just not going to worry about it.....

This tax nonsense is trying to steal peoples retirement years...Its simply Evil...

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Posted

I worked offshore for 30 years more that 180 days a year (Intentional waters). I was a tax resident of nowhere. Never had a problem.

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