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what will my taxes be on 35,000 that I took from investments to purchase a car? Will it be added to my retirement wages ? will I have to pay taxes on everything?
Is the amount taken out of your regular investment account? Did you buy or sell any investments to get these funds?
yes, I had stock in variable product funds.
<p>You will be taxed on the gain on sale of the fund. The gain will be the net sale proceeds from sale less the adjusted cost basis of the fund.</p><p>The gain will be long term capital gain if the fund was held for more than a year and hence will be taxed at favorable tax rate upto a maximum of 15%.</p><p> </p><p> </p><p><a name="OLE_LINK466" title="OLE_LINK466"></a><a name="OLE_LINK157" title="OLE_LINK157"></a><a name="OLE_LINK156" title="OLE_LINK156"></a><a name="OLE_LINK108" title="OLE_LINK108"></a><a name="OLE_LINK107" title="OLE_LINK107"></a>Let me know if you have any question. </p><p> </p><p>Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.</p><p> </p>
Certified Public Accountant (CPA)
CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..