Estate/Trust Income - What to Declare - IRAS

You are required to declare the income received by an estate or trust when filing your Income Tax Return. On this page: Estate Income. Home Taxes OtherTaxes BasicsofIncomeTaxofEstate/Trust Estate/TrustIncome-WhattoDeclare Estate/TrustIncome-WhattoDeclare DifferenceBetweenEstateDuty&IncomeTaxofAnEstate KeepingProperRecords&Accounts Youarerequiredtodeclaretheincomereceivedbyanestate ortrustwhenfilingyourIncomeTaxReturn. Onthispage: EstateIncome TrustIncome EstateIncomeAssetsleftbehindbyadeceasedpersonmaycontinuetoproduceincomeaftertheirdeath.Thedeceasedperson'sassets,asawhole,arecalledanestate.Estateincomereferstotheincomederivedadayafterthedateofdeathuntiltheendoftheadministrationperiod. TrustIncomeTrustincomemayarisefromassetsheldintrustbytrusteesofthefollowing:PrivatetrustscreatedbywayofTrustDeeds/SettlementsTrustscreatedundertheWillsofdeceasedpersonsIntestateestates(Inthecasewherethedeceaseddiedwithoutawill) ExamplesofEstate/TrustIncome Rentalincomefromproperty(forexpenses,pleaserefertoRentalExpenses) (Forjointproperties,seenotebelow)InterestIncomefrombank/financecompany(includingdepositswithPOSB)(Forjointaccounts,seenotebelow)Shareofprofitfromapartnership*Profitfromasole-proprietorshipbusiness*Dividendsfromsharesdeclaredafterdeath(excludingexempt/one-tierdividends)Director'sfeeandnon-contractualbonusesdeclaredafterdeathIncomedistributionsfromUnitTrusts/RealEstateInvestmentTrusts(REITS)GainsfromShareOptionsexercisedafterdeathRoyaltiesForeign-sourcedincomeremittedintoSingaporeOthergainsorprofitsofanincomenature*EffectiveYA2008,taxattrustee(PDF,333KB)levelisfinal.(Notestoitem1)PropertiesHeldUnderJointTenancyWhenoneownerdies,hisshareofownershipwilllapsetothesurvivingowner(s).Thesurvivingowner(s)arerequiredtodeclareintotal100%oftherentalincomefortheperiodafterthedeathoftheco-ownerfromsuchpropertiesin theirpersonalincometaxreturns.Forpropertiesheldundertenancy-in-common,pleasedeclarethedeceased'sshareofincomeintheestate'sreturns.(Notestoitem2)JointBankAccountsThebalanceintheaccountwillgotothesurvivingjointaccountholder(s)uponthedeathofajointaccountholder. Inthiscase,anyinterestincomeearnedafterthedateofdeathisnottheincomeoftheestate.