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Taxes on Mutual Fund Sales? |
I have about $6000 in mutual funds (not in an IRA) that I would like to sell for cash. when you sell the shares- the gain will be either short term or long term depending on how long you held them--short term gains are taxed at ordinary income rates--long term rates at the new 15 % capital gains rate-- the mf co will send you a statement which may show some long term capital gains depending on their portfolio- usually the statement from the mf co will spell it all out, including dividends paid to you during the year- its all very simple-- the only thing you should check is how long you have had the shares- i believe the time period for long term gain is one year- double check that- if you are close to that but not there -consider holding the shares to get the very low 15 % long term capital gains tax rate- it is worth waiting for-- i am a retired CPA & CFP__good luck to you--by the way- you can also call the mf co for explanation and some advise free of charge !! You will pay taxes on personal capital gains, along with whatever taxes the fund itself has incurred through taxable transactions. You may also pay penalties for withdrawls to the mutual fund itself. Any of the financial software packages will make this easier, or you can pay an accountant to do it for you. |
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