The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Mutual Fund Capital Gains||Date: 1/29/2000 6:45 PM|
|Author: haroldbiker||Number: 26327 of 120407|
I'm a little confused by tax accounting for mutual funds.
Let's say that I bought the Gizmo Fund (symbol WHIZX) on 1/2/98 for $10,000.
In 1998, I got a letter saying that there were:
$1,000 in long term gains
$500 in short term gains
$150 in dividends
In 1999, I got another letter:
$2,000 in long term gains
$700 in short term gains
$350 in dividends
On 1/2/00, I sold the fund for $12,000.
What do I owe taxes on, and when?
PS - I apologize if this question has been asked before - I did a search and looked through the FAQ's.
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