What might tax be on sold home?

[T.I.G.R.]

Hi All - We are in the process of selling our home purchased in 2006. Wife is Thai and deed is 100% in her name.

The house cost 8.3 mil to build and is being sold for 6.9 mil (just love this great market....not)

I have looked a the land department calculations and don't understand them at all. Can anyone give me a number that might be close to the tax we'll have to pay for the transfer? Also any other taxes or costs I'm not aware of.

Thank you for your help -

[buksida]

As far as I know if you've owned the property for over 5 years it is 3.3% on the land office valuation which can vary wildly from your own and is entirely up to them. You'll also be hit with a transfer fee which again depends on the land office as to how much they want to charge - Hua Hin will be a lot more than elsewhere.

https://transferwise.com/gb/blog/proper ... n-thailand

[T.I.G.R.]

Thank you B.

[nanyang]

The house cost 8.3 mil to build and is being sold for 6.9 mil (just love this great market....not)

Having been married to a Thai since 2003 and bought and sold a house in her name please forgive my wry smile.

[T.O.M.]

Hi All - We are in the process of selling our home purchased in 2006. Wife is Thai and deed is 100% in her name.

The house cost 8.3 mil to build and is being sold for 6.9 mil (just love this great market....not)

I have looked a the land department calculations and don't understand them at all. Can anyone give me a number that might be close to the tax we'll have to pay for the transfer? Also any other taxes or costs I'm not aware of.

Thank you for your help -

If you are selling to return to the UK, the price drop in Baht is not such a bad deal.
In 2006 the GBP was around 70 baht, so you paid around 118.000 GBP for the house then.
With an exchange rate today at around 41 Baht to the Pound your selling price at 6.9 mil will give you around 168.000 GBP.....Not such a bad increase..
Of course the silver lining only exists, if you indeed are returning to the UK.

[T.I.G.R.]

Not sure why you think I'm from the U.K., but am not.

Regardless, your calculation assumes the relative value of the two currencies to themselves is the same today
as it was 14 years ago. Should not the relative inflation rates be taken into account?

Mind you, this question comes from a man who has trouble operating the TV remote.

[T.O.M.]

Not sure why you think I'm from the U.K., but am not.

Regardless, your calculation assumes the relative value of the two currencies to themselves is the same today
as it was 14 years ago. Should not the relative inflation rates be taken into account?

Mind you, this question comes from a man who has trouble operating the TV remote.

Sorry...Since most of the members here are from the UK, I presumed that you were too.
I see that you are American, which means in $-terms you are getting about the same amount back as you paid for the house. (based on exchange rate 38 in 2006 and 32 today)
Could be better...could be worse....On the bright side you have stayed rent free for 13 years...worth about 4 million baht.