facebookDo you need to pay income taxes if you were to daytrade in US market? - Seedly

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Anonymous

18 Jan 2020

βˆ™

Stocks

Do you need to pay income taxes if you were to daytrade in US market?

Is it also 30%?

Discussion (9)

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There is a pattern day trader rulings for daytrade in US market. To avoid getting flagged, you can either

1) have 25k cash in your trading account

2) join a propieraty trading firm that can margin/leverage your account to bypass the rules (usually more expensive for fees and services)

If trading is your main occupation, yes. I know of people of who trade the US market and hold regular jobs, IRAS has not gone after them for their capital gains and trade gains. So i think the answer is no income tax if not your main job

Lim Chun Long Jimmy

18 Jan 2020

Co-founder at PolicyWoke (Traded Endowment Policies)

If day-trading US stocks is your main source or only source of income, then it may be safer for you to declare it under "trade income". Alternatively, you may seek advice from your own tax advisor.​​​

Bjorn Ng

18 Jan 2020

Business Analyst at 10x Capital

Nope, I think that the 30% withholding tax only applies to dividends if you receive. If I am not wrong, capital gains are not taxable.

Kelly Trinh

08 Nov 2019

Backoffice technical at financial services firm

Wondering if there is any tax experts here that can comment whether it is true that if someone were ...

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