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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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