I just made a profit of $11-12k (USD) from selling my stocks which I bought during lows of covid and decided to sell as p&l+div is about +20-22%. Do I need to pay taxes for it? - Seedly
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Anonymous

Asked on 05 Nov 2020

I just made a profit of $11-12k (USD) from selling my stocks which I bought during lows of covid and decided to sell as p&l+div is about +20-22%. Do I need to pay taxes for it?

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!! šŸ˜Š

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    J

    Jesslyn

    Top Contributor

    Top Contributor (Dec)

    Level 9. God of Wisdom

    Answered on 06 Nov 2020

    Taxes only on dividend

    1

    YJ
    YJ

    06 Nov 2020

    No need to pay dividend tax to SG Govt. Dividend is already deducted (30% for US govt) before giving to shareholder.
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful šŸ‘
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    Chris

    Chris

    Level 6. Master

    Answered 1w ago

    The capital gains tax in the US only apply to US tax residents. As a Singaporean in Singapore, you will be under Singapore tax law and will not have to pay capital gains tax.

    0

    Thank You!
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    Jonathan Chia Guangrong, Fund Manager at JCG Fund

    Jonathan Chia Guangrong, Fund Manager at JCG Fund

    Top Contributor

    Top Contributor (Dec)

    Level 9. God of Wisdom

    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.

    0

    Thank You!
    Can you clarify
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    This is so helpful šŸ‘
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    SW

    Shaun WQ Lim

    Level 8. Wizard

    Answered on 05 Dec 2020

    Https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Dividends/

    https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Gains-from-Sale-of-Property--Shares-and-Financial-Instruments/

    No need to declare those income sources that you mentioned.

    0

    Thank You!
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    YJ

    YJ

    Top Contributor

    Top Contributor (Dec)

    Level 9. God of Wisdom

    Updated on 05 Nov 2020

    No need to pay tax in sg. Unless you feel rich.šŸ¤‘

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful šŸ‘
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