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!! 😊

6

Discussion (6)

What are your thoughts?

Learn how to style your text

Chris

09 Jan 2021

Owner and Writer at Tortoisemoney.com

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.

Reply

Save

Jonathan Chia Guangrong

05 Dec 2020

SOC at Local FI

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.

Reply

Save

Wrong Sean

05 Dec 2020

Https://www.iras.gov.sg/irashome/Individuals/Lo......

Write your thoughts