Its Happening - Law to Tax Overseas Income Now in Progress

[Danderman123]

2 hours ago, Dogmatix said:

 

How are the Venezuelan chicas there?

Didn't see any.

 

Anyway, I have moved on to Costa Rica.

 

I am literally counting the number of days that I have left to stay in Thailand in 2025, so that they don't exceed 179.  I will probably end up with 165 days in Thailand.

 

The latest problem is that I can remit dollars from the US to Thailand tax free, this year. But the dollar is so low that I get killed on the conversion. I am hoping that the baht drops by the end of the year.

[Lorry]

2 hours ago, Danderman123 said:

Didn't see any.

 

Anyway, I have moved on to Costa Rica.

 

I am literally counting the number of days that I have left to stay in Thailand in 2025, so that they don't exceed 179.  I will probably end up with 165 days in Thailand.

 

The latest problem is that I can remit dollars from the US to Thailand tax free, this year. But the dollar is so low that I get killed on the conversion. I am hoping that the baht drops by the end of the year.

Usually,  at the end of the year the baht is at its highest (tourist season)

[asia123]

The strange coincidence of the start of the DTV visa and the introduction of the new tax system

[JimTripper]

On 9/8/2024 at 1:47 AM, NoDisplayName said:

I don't think it works that way.  Your income may already be taxed, but Thailand will tax at a higher rate.  It's then up to you to (try to) claim Thai tax credit on your US returns.  I believe that's how the DTA works outside of income the US has sole right to tax.

 

All those deductions and exemptions you have under the IRS code?  Not recognized by Thailand.  Thailand will be taxing a much more bigly number.

 

You don't get the $14,600 standard deduction or the $47,150 0% LTCG tax rate (2024).  You do get the 60K baht Thai standard deduction, but your capital gains are taxed as ordinary income, possibly at up to 35%.  That's ALL your capital gains.  You don't get to offset with capital losses.

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

[chiang mai]

4 minutes ago, JimTripper said:

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

When you file, you self assess and self declare. The TRD will either accept at face value, the things you say or they will ask you to provide supporting evidence. The system is no different really to anywhere else in the world.

[JimTripper]

On 10/1/2024 at 7:04 PM, Danderman123 said:

Anyway, I have moved on to Costa Rica.

What visa will you be on and what is required?

[NoDisplayName]

1 hour ago, JimTripper said:

How will they know what that is? The US won't share tax info. Will Thailand require a copy of the US or home country return be provided by the taxpayer?

 

Currently, you declare your assessable income.  Unless there's an audit, it seems no documentation required in most instances.

 

Could that change, and TRD will require a (certified?) copy of a home country tax return?  Sure, but not likely.  Too burdensome on everyone.