I sold my house my house in America in 2024 for 850k. I purchased for 520k. Will this gain qualify for the 80k of capital gains to qualify for the wealthy pensioner category for the LTR visa? In America this gain is NOT taxable.
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TLDR : Answer Summary
The individual seeks clarification on whether a $80,000 capital gain from selling a house qualifies as income for the wealthy pensioner category of the Long Term Resident (LTR) visa in Thailand. While some commenters suggest that capital gains might not qualify as 'sustainable income', others indicate that only passive income over two years is accepted. There are additional discussions regarding alternative retirement visas.
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You will need to show several years of passive income (Private Pension, State Pension, Income from investments if you have it ie. Interest, dividends etc), and in 5 years time, be in a position to show this income is still there at the qualifying level - applicants have this 5-year check position assessed when the visa LTR-Visa application is submitted, and processed.
Off topic and if offensive you can ignore... But why do you think it is non taxable? I "retired" from real estate and if I recall it is only tax free if you invest in another property of equality it greater value. Basically, if you touch the cash it becomes taxable.
The $250,000/$500,000 home sale tax exclusion - If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse
please do keep us informed, as several have been rejected for one off gains.
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Colin *******
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Mark ********
If you’re over fifty why not just get a non O A/ retirement visa, at the Thai consulate in Los Angeles or near whatever big city you’re in? You can then open a thai bank account and put the required 800,000 baht into it. You’ll need health insurance also, but that’s a good thing to have. I’ve been here eight years and it’s the cheapest easiest way to get a visa if you meet the requirements.
you just listed all the reasons for ‘why not’. It’s absurd. Who would leave 800k in a bank acct doing nothing?
LTR ensures no tax on income outside the country. And it’s cheaper than a multi-entry non O-A. Plus no 90 day reporting, plus fast track at airports. Never see immigration or bank offices again.
No, I don’t believe so. capital gains are difficult to use in the equation as it’s a one off event. The income doesn’t need to be taxable. It just needs to be sustainable.
I think if you could demonstrate trading or similar that resulted in consistent income, you may be able to make a case. Reach out to the BOI either by phone or email and ask.
I would think that anyone making consistent capital gains, would be classified as trading and thus probably taxable. Even selling a house every year would in most jurisdictions be taxable income. IMO
They will want to see 2 years of passive income, and IMO a one off capital gain will not be considered income. However as there is no upfront fee, why not try it and let us know how it goes. I'm sure there would be many in similar circumstances..
yes, if trading and making regular gains, they may accept that. Generally a gain on the sale of a primary residence is not going to be considered, IMO. However, if it was taxed and you can show two years tax returns that would strengthen your case. It's a minefield. And any gains in a trust account will not be considered.