Selling My House

[blackdug]

i have just been offered a fair price for my house,,, i told the buyer we would each pay half towards the sellers tax does any one know how much i will need to pay ......the house is selling for 2.5 million bhat and was bought for 2.7 million a few years ago so it is showing a slight loss ,,,thanks

[Lannatyne]

Some taxes depend on the length of ownership of the property.

The only way to accurately find out is to go to the Land Office, and ask them what the taxes would be on a deal such as this.

[PattayaParent]

^and it also depends on what value you declare it being sold at.

For example if you sell it furnished you don't have to pay land tax on the furniture so deduct that value from the declaration.

Edited November 23, 2010 by PattayaParent

[gregb]

Is the house in the name of an individual or a company? Did you own the house for more than 5 years? As someone said, these taxes depend on many different factors, and the only way to really know is to go ask at the office. However, as an order of magnitude calculation, the total taxes should be less than or equal to about 5% of the sales price (or the appraised value if the sales price is deemed too low.)

Your lowest costs are when it is a personal residence that an individual has owned (not a juristic entity) for more than 5 years.

[blackdug]

it is a personel property owned by my thai wife ,,sadly she has only owned it 4 years ,,,,,,i am selling it fully furnished as well so maybe i can work something in there ,,,but it is getting sold to another thai and i think it could end up being to hard explaining to them about 2 prices 1 for the house and 1 for the furniture.......what is the deal with owning the house for more than 5 years does the tax get cheaper ,,,,,thanks for the replys

[dave111223]

but it is getting sold to another thai and i think it could end up being to hard explaining to them about 2 prices 1 for the house and 1 for the furniture.......

Most Thai sellers push to declare a lower sale price than the real sale price in order to avoid taxes. And normally with no other reason than "I want to pay less tax", so i think your "furniture value" argument should be even easier to swallow.

[olsen]

it is a personel property owned by my thai wife ,,sadly she has only owned it 4 years ,,,,,,i am selling it fully furnished as well so maybe i can work something in there ,,,but it is getting sold to another thai and i think it could end up being to hard explaining to them about 2 prices 1 for the house and 1 for the furniture.......what is the deal with owning the house for more than 5 years does the tax get cheaper ,,,,,thanks for the replys

If you own the property for more than 5 years you don't pay tax!

[blackdug]

it is a personel property owned by my thai wife ,,sadly she has only owned it 4 years ,,,,,,i am selling it fully furnished as well so maybe i can work something in there ,,,but it is getting sold to another thai and i think it could end up being to hard explaining to them about 2 prices 1 for the house and 1 for the furniture.......what is the deal with owning the house for more than 5 years does the tax get cheaper ,,,,,thanks for the replys

If you own the property for more than 5 years you don't pay tax!

just my luck then ....i have a meeting tomorrrow with the lawyer then hopefully complete the deal friday ,,,,i am going to post the final outcome on here so others can see what sort of tax was paid ,,,one thing the lawyer did say was that if it was a private sale and not a buisness sale then i could not charge for the furniture seperate is this true!!!!!

[stgrhe]

...one thing the lawyer did say was that if it was a private sale and not a buisness sale then i could not charge for the furniture seperate is this true!

Whether it is true or not I cannot say, but an easy way around this is to draw up two separate agreements, one for the house and land and the other for the second hand furniture and home decorative items you are selling with the house. In legal terms they would be two separate deals.

[olsen]

it is a personel property owned by my thai wife ,,sadly she has only owned it 4 years ,,,,,,i am selling it fully furnished as well so maybe i can work something in there ,,,but it is getting sold to another thai and i think it could end up being to hard explaining to them about 2 prices 1 for the house and 1 for the furniture.......what is the deal with owning the house for more than 5 years does the tax get cheaper ,,,,,thanks for the replys

If you own the property for more than 5 years you don't pay tax!

just my luck then ....i have a meeting tomorrrow with the lawyer then hopefully complete the deal friday ,,,,i am going to post the final outcome on here so others can see what sort of tax was paid ,,,one thing the lawyer did say was that if it was a private sale and not a buisness sale then i could not charge for the furniture seperate is this true!!!!!

Lawyer? Why do you need a lawyer to sell anything?? Just use the official sales contract at the land office and fill out the missing details...and you're done...and it's free!

The tax will be maximum 5% if your wife owned the property for 4 years. Probably less....somewhere between 2 and 5%....

Best of luck!

[bkkexplorer]

Any updates on how the deal went? What was the final outcome?