DrPhibes
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Posts posted by DrPhibes
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Sorry but jumping in a bit late on this topic. So, if I gift my non-working thai wife 3,000,000 baht of US work earnings to her separate US bank account yearly in the United States, create a doc that specifies that it is a gift, then wire that money from that separate account to my wife's separate Thai bank account, then she moves a bit of that money into my separate Thai bank account to add to my US Social Security (non-taxable to Thailand by virtue of tax treaty) coming to my separate account, we have no tax obligation to Thailand.
Sound about right?
Hope all well with everyone.
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9 hours ago, Neeranam said:
Perfect,
Thank you very much for taking the time on this!
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8 hours ago, CM4Me said:When we sold our home some 3 years ago, the purchaser arranged for a building inspection. The inspectors were, in my opinion, very professional. As a result, I obtained their mobile number for future use if required. Their number is 080 843 4998. Good luck
Thank you very much for the referral!
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45 minutes ago, nobodysfriend said:
My wife has a beautiful property for sale in Sansai , but the house needs refurbishment , it is old ... I just mailed you ...
If ever ... ?
Thanks, but we are buying the house we have been renting for the last 7 years. Good luck!
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10 hours ago, Neeranam said:
Yes, there are structural engineers who can check the house out.
Any referrals would be appreciated. Thanks!
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Wife is looking to buy a house in CM and we were wondering if there is such a thing as home inspection services in CM to look for problems with the house prior to purchase.
Thanks in advance!
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8 hours ago, Bangkok Barry said:
Are you suggesting that someone - of any age - that has a hoard of weapons, as this kid did, and planned to murder as many people as he could, should not be dealt with by the law? What has him being 14 years old got to do with anything? He's a callous murderer. And, by the way, people are not executed in Thailand. Haven't been for two decades.
When I was in high school in the middle of the San Joaquin Valley in the latter part of the 70's, half the vehicles in the parking lot were pickup trucks and about 1/2 of them had gun racks inside the truck with guns in them so that immediately after school you could go hunting. Nobody thought about shooting up the school no matter how much "bullying" you got. At 17, I had a Remington 7mm magnum rifle, Mossburg pump 12 gauge, a Remington 1100 semiautomatic 12 gauge shotgun, a heavier than normal accurate as hell Mossburg 22 target rifle with big game scope on it, and a Ruger Mark I 22 long rifle target barrel pistol. My friends and I were into reloading our 12 gauge shells. All paid for working jobs while in school. My hunting friends and I were in the top 20 kids heading off to college. Kids these days....
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Battery tech is on a meteoric pace with a lot of proprietary tech behind the scenes. It's like the early tech days of computers. Very exciting!
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10 hours ago, BigStar said:
Deflection. You said, "you've never seen." Now you have. You're welcome.
Americans "land" in PRC all the time and more. I have. Nobody cares if you want to or not.
Sorry, did not mean for my reply to sound challenging. Just given the current political tension between the US and PRC, I would find it a bit risky. Would not like to have them pull me over in the layover and be held for some cockamamie reason just because they needed a political prisoner. Went through the PRC about 7 years ago and because the back of my passport had the tiniest dog eared lamination separation, was taken aside from my family, grilled, and almost missed missed the flight. Never fly through there again after that. I just looked up Xiamen for the flight back for this tax season and find they are not offering the CNX to LAX at this time. Thanks for your input. Have a GREAT New Year!
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10 hours ago, BigStar said:
Xiamen Airlines
No way as an American would want to land in the PRC.
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8 hours ago, thaicurious said:
I waited for full-age but do have other incomes such that I could suspend Social Security (which I was not aware of, so thanx on that) and I just read on https://www.aarp.org/ that "During a suspension, you earn delayed retirement credits, which boost your eventual benefit by two-thirds of 1 percent for each suspended month (or 8 percent for each suspended year). When you resume collecting Social Security, you’ll have locked in a higher monthly payment for life"
So then you'd have to factor in that 8% (which is a good certain return) against what you might get on your existing investments and factor in what taxes you'd pay on continuing Soc Sec (vs taxation on increased later payments) as opposed to on additional current withdrawals from investments plus of course having decreased investments going forward, plus as well the health risks which increase as we age.
This might make more sense if you began with reduced payments as opposed to having begun at full which I did. Either way I'd have to see studies both hypothetical (https://www.fidelity.com/learning-center/personal-finance/retirement/readjust-your-claiming-strategy) and actual (looking for these now) on break even points and which averages out to the better depending on expected longevity.
To a place like Mexico for an American, I'd add that might also provide benefit of being able to access Medicare which you've paid into all your working years thus possibly reducing cost of international med insurance which looks to me can get quite expensive in later years for comprehensive coverage.
I assume you mean use of Medicare since you are in close proximity to the United States. There are 3 instances when Medicare will possibly cover you outside of the United States. I have attached a .pdf from Medicare that describes these situations and what is covered.
Something I did not know until a couple of years ago (from a guy in a bar who I thought was full of it) was this thing about dependents for Social Security.
Like another gentleman on this forum, I am going to reap the extra benefits of my wife and 6yr old child (both US citizens) come October this year (when my full SS benefits begin) when all 3 of us will start receiving SS up to the family max so about an extra $2,721/mo (after this last COLA) divided equally between my wife and child until the child turns 16 when the wife's part stops, then the child gets another couple of years of a boost up to $2,721/mo for his part (all of his is college money savings). I figure about 8 years of this extra boost added to my SS and I will have recouped what I have paid in all my life taking into account the tax hit on my wife's and mine and the fact that I will still be self-employed until I hit 70 at least so still paying in as part of Self-Employment taxes but not accounting for inflation or earnings I could have made on the money. Could not take it early as SS would have pulled back all they sent me due to working until I hit full SS age anyway. The self-employment is part year client based so I can reduce the size of the clientele as my energy wanes with age (it also keeps my mind very active).
Hope this helps.
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On 12/30/2023 at 1:47 PM, blazes said:
If that's Economy, it seems a bit steep. Economy "in years past" was under a thousand.
I've been flying each year for the last 8 years CNX to LAX mid-Jan returning end of April/begin May and have never seen economy under $1,000 USD. Sure your not thinking of BKK to LAX?
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On 12/30/2023 at 8:59 PM, Yellowtail said:
Did you book directly with Eva?
Yes.
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On 12/29/2023 at 9:00 AM, Tropicalevo said:
Let me help you here
Airlines have always 'overpriced' flights during holiday seasons. It is their cash cow.
After two years of nothing during Covid, we have to charge even more in order to replace those lost profits.
Not to mention that for some reason the Thai Baht strengthens about this time of year also ;-)
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14 hours ago, Dan747 said:
I personally do not see lower airline costs from the USA to BKK. It would be nice for an American carrier like United Airlines to reopen their route from NRT to BKK and make money do to the high costs that Asian carriers are charging. Just saying.
I booked round trip from CNX to LAX on EVA, 1 stop in Taipei a week ago, leaving Jan 22, return April 28th for $1,200 USD. Normally a $1,500+ fare in years past not even counting for inflation. How cheap do you want pay to fly to the other side of the planet?
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6 minutes ago, Jingthing said:
Blimey, at this point I'm wondering what's it going to cost to pay a tax return preparer in Thailand that actually understands both the U.S. and Thai rules to (or whatever country you're from) if and when they ever clarify this stuff in the first place. I imagine not cheap.
Yup, Enrolled Agent with the IRS but heading back to the US for a couple of years this summer while the smoke clears on several fronts here in Thailand.
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1 hour ago, TroubleandGrumpy said:
Malaysia did it a few years ago - they delayed implementation for a few years for personal income taxes (not businesses) and they made an exemption for many people, including retired Expats living in the country. I previously posted in this thread all about that a long time ago (last month?) - sorry aint going on another hunt to find all that again (should have kept links I know).
But then they revamped the law to make people who got visas based on wealth and buying property have to be worth like 2x what they had to have for the original Visa for their renewal, crushing many who had bought houses and such but could not make the new requirements. This kind of thing is always the fear of those overseas.
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On 9/18/2023 at 10:44 AM, lordgrinz said:
In the USA we are tax residents of the USA no matter where we live, thankfully there is a tax treaty between the USA and Thailand.
You need to read and understand the treaty. Some things are taxed at the US side, some types of income are taxed at the Thai side. The question is the things taxed on the Thai side, will they allow a credit for what you paid in the US.
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17 hours ago, dinsdale said:
This is a disgusting comment. The only mention about the age of the girls is underage. I'm guessing you don't for example have an eleven, twelve or thirteen year old daughter.
Underage is dependent on law and culture. In my day, it was normal for teenagers to head to make out point despite being underage. Parents knew, their only concern was not to get pregnant or a rape occur. BTW, did you know that in 1850's age of consent in most US states was 10, besides Delaware where it was 7. That was what was normal then and there.
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22 hours ago, VillageIdiot said:
As in the USA there will be loop-holes, bolt-holes, and bung-holes for the wealthy and well-connected to go into.
Leona Helmsley nailed it a long time ago when she said "Only the little people pay taxes."
Where upon after that statement, she was sent to prison for tax evasion. Look it up ;-)
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3 hours ago, Mike Lister said:
The average tourist spend is between 42,000 and 50,000 Baht per visit and the average stay is 9 days. That means tourists spend between 140,000 and 167,000 Baht per month. Resident expats are very unlikely to spend anywhere near that amount on average.
Hmm,
Not sure where the data came from and if the per visit amount is just high season numbers or an average over the year but let's work with that.
For us,
[(140,000 + $167,000)/2]/35 = $4,386/mo or $52,632/yr USD for a tourist. Some of us spend quite a bit more than that given we have families and private schooling for multiple children. I can see where the average retiree may not hit that number especially if in a 10,000 baht/mo condo and no kids.
Housing(rent) and util alone for a family of 5 here in CM is about $1,600/mo or $19,200/yr for not a fancy house. Then you have private schooling for 3 kids at about $23,000/yr. Just those two things and your now at $42,200/yr and have not factored in any food, entertainment, vacations, health insurance, etc... and you can see that we easily exceed the $52.6k number. I understand that we probably represent a minor subset of the total expat community but not sure how minor given the large number of expat families here in CM with kids in international schools.
Any other positive inputs on this is welcome.
Hope all well with everyone.
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How about taking care of us guys that are here year round spending a ton each every year. This scheme of taxing our money coming in (if it comes to fruition) is really going to backfire at a time when they need all the income they can get. Would be interesting to see how much year round expats contribute vs tourism in money.
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3 hours ago, jerrymahoney said:
Golf is a good walk spoiled.
Mark Twain
https://www.brainyquote.com/quotes/mark_twain_100019
NB: I grew up in a golfing family but never took to it, myself.
BTW these are badges from 2 of the 3 years I volunteered along with my late Dad as an electric ambulance driver at Arnold Palmer's Bay Hill Invitational (Tiger Woods won all 3 years)
Not many people are going to know your user name, I'm that old ;-)
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5 minutes ago, Lacessit said:
Paraphrasing Leon Wilson, and validating the assertion of my OP.
Never heard of the guy but probably heard the phrase (or saw on a golf shirt) in my youth somewhere. Thanks!
Expat Tax Twists in Thailand: Navigating the New Landscape in 2024
in Thailand News
Posted
It's the amount I receive from SS each month direct deposited to my Bangkok bank account.