Wissanu Rebuts Allegations of Assisting Thaksin's Hospital Stay

[pingp0ng]

Dear Sir or Madame,

If you are staying over 180 days in the kingdom are you forced to pay taxes your capital gains and dividends from US equity/bonds/REITS held in an offshore account?

[Naam]

no! except if you transfer them to Thailand in the same year they were generated. but even then nobody bothers.

[pingp0ng]

no! except if you transfer them to Thailand in the same year they were generated. but even then nobody bothers.

Thanks for the quick reply

[thrilled]

I understand that if ya put $10,000 in A thai bank,you need to let IRS know this if your a US citizen. Will need to pay taxes on the interest.Not sure if all thai banks will comply with the US government . Telling them of all us citizens that have an account in their bank.

[lamydu]

I understand that if ya put $10,000 in A thai bank,you need to let IRS know this if your a US citizen. Will need to pay taxes on the interest.Not sure if all thai banks will comply with the US government . Telling them of all us citizens that have an account in their bank.

Yes all the banks don't want US citizens. If you are the banks will give you the IRS papers to fill

[pingp0ng]

One of the big minus with being an american citizen is you pay taxes even if you relocate to the moon. I'm European and it's usually where you stay 180 days + per year or have your "center of life / ties" where you pay tax then.

[AyG]

There is no Thai capital gains tax for private individuals, period.

Edited September 2, 2013 by AyG

[Naam]

There is no Thai capital gains tax for private individuals, period.

yes there is! capital gains derived offshore and transferred to Thailand the same year they were generated are considered and treated as income and therefore subject to Thai income tax.

the same applies to capitals gains generated within Thailand, e.g. by selling immobile property or holdings in companies not listed on the SET. exceptions apply to capital gains of stocks / shares.

period

[keeniau96]

Doubt if the Thai bank interest would need to be reported to USA IRS if total income is below the expat exclusion.

[Naam]

Doubt if the Thai bank interest would need to be reported to USA IRS if total income is below the expat exclusion.

who or what is "expat exclusion"?

[Misty]

Doubt if the Thai bank interest would need to be reported to USA IRS if total income is below the expat exclusion.

who or what is "expat exclusion"?

Good point, Naam. Where's Lanny when you need him?

There is no US "expat exclusion." Perhaps keeniau96 is referring to the "foreign earned income exclusion (FEIE) ." FEIE only works for salary or other "earned" income. But Thai bank interest is not foreign earned income and therefore cannot be excluded from US taxes under FEIE.

[Naam]

Doubt if the Thai bank interest would need to be reported to USA IRS if total income is below the expat exclusion.

who or what is "expat exclusion"?

Good point, Naam. Where's Lanny when you need him?

There is no US "expat exclusion." Perhaps keeniau96 is referring to the "foreign earned income exclusion (FEIE) ." FEIE only works for salary or other "earned" income. But Thai bank interest is not foreign earned income and therefore cannot be excluded from US taxes under FEIE.

FEIE is a generous "gift" from the IRS for those who "earn" income abroad. if i'm not mistaken the tax free amount is presently 95,100 US-Dollars. the amount is adjusted (increased) every tax year based on US inflation rate.

[farang000999]

it has nothing to do with capital gains or passive income. it also is independent from medicare and ss/se tax.

[pingp0ng]

There is no Thai capital gains tax for private individuals, period.

yes there is! capital gains derived offshore and transferred to Thailand the same year they were generated are considered and treated as income and therefore subject to Thai income tax.

the same applies to capitals gains generated within Thailand, e.g. by selling immobile property or holdings in companies not listed on the SET. exceptions apply to capital gains of stocks / shares.

period alt=tongue.png>

Do you still to declare income (0) if you live off savings?

[Naam]

There is no Thai capital gains tax for private individuals, period.

yes there is! capital gains derived offshore and transferred to Thailand the same year they were generated are considered and treated as income and therefore subject to Thai income tax.

the same applies to capitals gains generated within Thailand, e.g. by selling immobile property or holdings in companies not listed on the SET. exceptions apply to capital gains of stocks / shares.

period alt=tongue.png>

Do you still to declare income (0) if you live off savings?

nobody in Thailand declares any offshore income no matter how is was generated. period!

p.s. of course there might be some lobotomised persons who...

[pingp0ng]

There is no Thai capital gains tax for private individuals, period.

yes there is! capital gains derived offshore and transferred to Thailand the same year they were generated are considered and treated as income and therefore subject to Thai income tax.

the same applies to capitals gains generated within Thailand, e.g. by selling immobile property or holdings in companies not listed on the SET. exceptions apply to capital gains of stocks / shares.

period alt=tongue.png>

Do you still to declare income (0) if you live off savings?

nobody in Thailand declares any offshore income no matter how is was generated. period!

p.s. of course there might be some lobotomised persons who...

I'd just want to know what the law says (even if everyone dodges). If you can have your money in personal accounts at brokers outside of Thailand and keep gains there for 12 months and not have to pay taxes on the profits.

[Naam]

A person (Thai or foreign) who resides in Thailand at one or more times for an
aggregate period of 180 days or more in any tax (calendar) year will be regarded as a
resident of Thailand for tax purposes. A resident of Thailand is liable for personal
income tax on income from sources inside Thailand and on assessable income derived
from sources outside Thailand. However, the imposition of tax on income derived
outside Thailand will apply only to income derived and brought into Thailand in the
same year in which such income is earned. A non-resident is subject to pay tax only
on income from sources within Thailand (irrespective of the place of payment).

[wordchild]

the law is exactly as Naam says above in post 2; there is no tax liability as long as the proceeds are not brought into Thailand in the year in which they were earned. In order to (legally) avoid any liability (or any obligation to declare it) anything you earn offshore during the Thai tax year (Jan 1 to Dec 31) should not be brought into country untill the following January at the earliest. It does necessarily have to be held offshore for 12 months just dont bring it in during the same year in which it was earned. eg earn a dividend or generate a capital gain offshore in November hold it offshore till Jan 1 and you can bring it in without any liability and there is no legal obligation to declare it.

Edited November 3, 2013 by wordchild

[pingp0ng]

A person (Thai or foreign) who resides in Thailand at one or more times for an

aggregate period of 180 days or more in any tax (calendar) year will be regarded as a

resident of Thailand for tax purposes. A resident of Thailand is liable for personal

income tax on income from sources inside Thailand and on assessable income derived

from sources outside Thailand. However, the imposition of tax on income derived

outside Thailand will apply only to income derived and brought into Thailand in the

same year in which such income is earned. A non-resident is subject to pay tax only

on income from sources within Thailand (irrespective of the place of payment).

Perfect! Thanks

[Naam]

A person (Thai or foreign) who resides in Thailand at one or more times for an

aggregate period of 180 days or more in any tax (calendar) year will be regarded as a

resident of Thailand for tax purposes. A resident of Thailand is liable for personal

income tax on income from sources inside Thailand and on assessable income derived

from sources outside Thailand. However, the imposition of tax on income derived

outside Thailand will apply only to income derived and brought into Thailand in the same year in which such income is earned. A non-resident is subject to pay tax only

on income from sources within Thailand (irrespective of the place of payment).

Perfect! Thanks

please send one ice-cold bottle of Chang attached to personal message