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If I transfer money market funds from one institution to…

If I transfer money market...
If I transfer money market funds from one institution to another is that taxable I live in low income senior housing. I put my money that I had in stocks (26,000.00) into my money market funds. I was told it's considered capital gains & I could lose my housing. I don't pay income tax because of low income which is $12060 a year. I. I'm on Ssdisabilaty.
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Answered in 3 minutes by:
9/21/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,637
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Welcome to JustAnswer! My name is ***** ***** I will be able to assist you today.

You are able to transfer assets including money market funds from one institution to another without incurring capital gains. To do so you would have to complete the transfer as a transfer "in-kind" and the receiving institution would have to be approved to hold the money market funds you are transferring.

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You would incur capital gains tax if you liquidated the money market funds. In the event of liquidation you would be subject to capital gains on the growth of the money market funds.

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Generally, money market funds pay dividends on your original investment so you are paying capital gains tax as you go. It would be very odd for you to be subject to a large capital gain amount if your money had only been invested in a money market fund.

Thank you for the question. -- if you do have any follow up questions please let me know.

A positive 5 star rating is always much appreciate.

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Customer reply replied 10 months ago
My money was out of my stocks (all of it) & put into my money market account. So all I have is a money market account funds which I don't use as monthly payments. My income stays the same. I was told that I would be charged 100 percent of it as income and charged capital gains tax
From my previous questions I'm 64 very low income not taxed and live in senior low income based housing. How will this affect me and my living situation?

If you already sold the stocks then you will have capital gains or losses from that transaction.

Please try your payment again and I will be available for a phone conversation.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,637
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,637
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Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

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