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I am sooooo confused about capitol gains and how to figure net gains for tax purposes. I sold some mutual fund shares (actually I converted them into another fund within the same brokerage) and now I have a 1099-B with the gross proceeds listed. Do I owe capital gains taxes on the sale/conversion of these shares? If so, how do I figure my cost basis since I have had this fund since 1993 and reinvested all dividends and capital gains? Besides, I thought I had already paid taxes each year on the dividends and gains, so do I get taxed again? Just call me Confused in California.....of course that probably applies to the majority of the state!!
Thanks
cdan
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