Asked on 05 Nov 2020
Currently i earn about 2k/mth as part-time undergrad tutor, and have paid taxes for YA2019. Just gained $11-12k profit from selling my us stocks and transferred to my sg bank account. Wondering if i need to declare this profit? I'm aware sg don't have capital gains tax, but if my capital gains are from US and not SG stocks, it still works the same right? Just want to make sure i do not have to declare, if not iras come knocking on my door.. Sorry for the simple question. 21yo newbie. Thanks!! 😊
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Top Contributor (Dec)
Answered on 05 Dec 2020
Congrats on your profits. No, there is no capital gains tax on US stocks so there's no need to declare this to IRAS. For dividends from US stocks, there is a 30% withholding tax which is already deducted before the dividend lands up in your brokerage account.
No need to declare those income sources that you mentioned.