Down under or Thai? Aussie mum trades Oz for Land of Smiles

[Time Traveller]

I notice that my broker has new forms to identify US persons who have accounts with them.

However I was not aware of anything like that previously and when I prepare my annual taxes have to manually calculate L/T or S/t capital gains and losses as well as qualified dividends, and interest.

So do any US persons with Thai brokerage accounts know if thai brokers can send out end of year tax forms like 1099 which US brokers provide?

This would be a great help at tax time

[maewang99]

Sorry, I know what you mean. And I don't know if they will be sending us any better details than they already do.

At some point they probably will and not just because of FATCA but because the Finance Ministry and junta are seriously thinking of a Thai cap gains tax. Obviously, if they do that, then we will have those kinds of reports.

I am used to capturing data and dropping them into raw text files that I can merge into excel. By using a replace on any spaces within the text data and converting those spaces to a delimiter that excel can pick up on.... because, yeah, they don't match sales price and cost basis for us as there is no tax in Thailand (yet).

Under the new law "FATCA" Thai brokers and banks will report on any account that had a Thai baht equivalent to US$50,000 in it at any time during the year. However, as I have best been able to figure it out, there is no penalty for reporting accounts under that threshold but a very large penalty for missing as little as even one account that had at any point in the year hit the threshold.

But the info under FATCA reporting is more than just taxable amounts and the data goes to the IRS, not necessarily us, as far as I can tell. It's not a 1099 as it will include account balances as well, not just taxable transactions.

Do you know we can get refunds of the Thai corporate taxes on our Thai holdings? On a Thai tax return, if you are here more than 180 days in any year.

Edited August 25, 2014 by maewang99