Selling House Taxes

[steveolevi]

House will sell for aroud 4 million baht. How do I get the money back to the US? What taxes will I be hit with Thai/US?

How do I get the full amount back to the US without raising any flags with Gov or IRS?

[inzman]

Good luck getting 4 mill for a house in Issan.

[ballbreaker]

In Thailand you will be confronted with the following fees at transfer. All will be collected at land office on day of closing.

Transfer fee

Stamp duty: only if owned more than 5 years

Specific Business Tax: only if owned less that 5 years

Personal Tax

Who pays the above fees will be decided during contract talks. The more you can get the buyer to pay the better it is for you.

Hope you have a copy of FET letter from bank (tor tor 3) that brought money into Thailand. If not you might have problems sending money out of Thailand.

Good luck with US tax.

Good luck trying to get amount you want from house sell.

[beachyman]

Absolutely impossible to get off the IRS list moving that kind of money back stateside. Esp with FBAR and so on.

You could try to keep the money here and take some out here and there via a friend wiring western union and so on but you would be better off just declaring it. Unless it was off the books to begin with. In that case find a tax lawyer, stat.

[Khun Jean]

ATM. 200.000 per day. For that amount takes about a month.

IRS? When sold you spend it all in Pattaya in a crazy week or not?

[Langsuan Man]

You are going to be subject to Thai tax on any profit you may have made on the sale, the amount is dependent upon how long you have owned the property in question

Remember the initial sale was recorded by the Land Office and they will have those records when you go to sell now

If you do transfer your funds back to the US, the fact that you paid Thai taxes will minimize your US tax liability since there is a tax treaty between the US and Thailand

[GreenSnapper]

You are going to be subject to Thai tax on any profit you may have made on the sale, the amount is dependent upon how long you have owned the property in question

Remember the initial sale was recorded by the Land Office and they will have those records when you go to sell now

If you do transfer your funds back to the US, the fact that you paid Thai taxes will minimize your US tax liability since there is a tax treaty between the US and Thailand

Correct.

Don't fool with taxes. Just pay what you have to pay.

Once you have payed Thai tax, you can move the money out of country via SWIFT transfer. Don't use ATM, Western Union or such nonsense.

In US, you may have to pay taxes again, but you can use the double taxation treaty with Thailand and therefore reduce them considerably.