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My question is about mutual fund cost basis. I opened a fund
My question is about mutual fund cost basis. I opened a fund account in Sept 1988 with $1000, I purchased an additional $4000 between 1/1/1989 and 3/30/1989. I redeemed $3000 in Dec 1989. Filed 1989 t… read more
Mark Anderson
Mark Anderson
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Using Mutual Fund withdraw of $15K to pay for new car for 16
Using Mutual Fund withdraw of $15K to pay for new car for 16 year old daughter. Mutual Funds are in her name with roughly $20K in it. What accounting method should I use? Average Cost basis shows Cove… read more
Lev
Lev
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I had some assets (mutual funds) that I acquired in 2009 -
I had some assets (mutual funds) that I acquired in 2009 - we sold some of those investments in 2014. We also switched investment companies in 2013. So these assests didn't have an original cost basis… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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THIS QUESTION IS FOR 'LANE' ONLY...NO OTHER ADVISER SHOULD
THIS QUESTION IS FOR 'LANE' ONLY...NO OTHER ADVISER SHOULD REPLY. WOULD LIKE TO TAKE PROFITS FROM MY BIOTECHNLOGY MUTUAL FUND TODAY AND NOT WAIT UNTIL 2015. WHAT IS THE TAX RISKS?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Back when I was a minor, there was a custodian account set
Back when I was a minor, there was a custodian account set up for me in which I owned a mutual fund. I sold the investment once I was an adult. I'm getting an IRS letter where they demand for me to re… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,490 satisfied customers
Mutual fund cost basis using specific identification method.
Mutual fund cost basis using specific identification method... I purchased a mutual fund years ago, and have since acquired many more shares by dividend reinvestment. I know the exact amount of shares… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,490 satisfied customers
We sold mutual funds in 2010. Started buying the funds in
We sold mutual funds in 2010. Started buying the funds in 1992, had a set $ amount invested each month; each year we reported a dividend on our taxes. I'm calculating the average basis for tax purpose… read more
Stephanie B.
Stephanie B.
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Master's Degree
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My parents gave my son over $15,000.00 over several years which
My parents gave my son over $15,000.00 over several years which we invested in Mutual Funds through Prudential. In 2009 my son redeemed $13,161.00 to purchase a car while serving in the Navy. The IRS … read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
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If, after doing an exhaustive search, one is not able to find
If, after doing an exhaustive search, one is not able to find cost basis for stocks or mutual funds held many years, how do you report the BASIS on tax returns when they're sold?… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,490 satisfied customers
assume I have a mutual fund cost basis of $50,000 and a current
assume I have a mutual fund cost basis of $50,000 and a current value of $100,000 and sell $10,000 worth of the fund. So, if I used the average cost method, I'd pay a tax on $5,000 of gain (long or sh… read more
JKCPA
JKCPA
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Say there is a 1% expense ratio in a Mutual Fund. These fees
Say there is a 1% expense ratio in a Mutual Fund. These fees come out of your NAV. So you would have to liquidate some assets to pay the fee. In liquidating your assets there could be a capital gain t… read more
Lev
Lev
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I owned some IRA mutual funds for 25 years totalling about
I owned some IRA mutual funds for 25 years totalling about 250K which I bought over time. In 2009 I rolled over 100% to a new broker who bought reinvested in all new companies. However, during 2009 I … read more
Merlo
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In the past, I owned mutual funds and accounted for all transactions
In the past, I owned mutual funds and accounted for all transactions using the Average Cost Single Category method. I had correctly informed the IRS that I had chosen this method. I have since convert… read more
Lev
Lev
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Bachelor's Degree Equivalent
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In 2008 I withdrew $12,000 from a mutual fund savings account
In 2008 I withdrew $12,000 from a mutual fund savings account (not IRA) to build a workshop in the back yard. I take it that I am now required to report it and pay capital gains. I can't see paying ca… read more
Lou
Lou
High School or GED
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I bought 530 shares in a mutual fund in 1993,and bought 50 ...
I bought 530 shares in a mutual fund in 1993,and bought 50 more shares in 1993.Then in 2000 I sold about 250 share (in same),filed my taxes for that year using the fifo method.I have had only dividend… read more
RD
RD
Self Employed
Master's Degree
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Hello, I have had a mutual fund that was established in ...
Hello, I have had a mutual fund that was established in 1991, and I sold my shares to pay my college tuition. I have received a 1099B and a 1099DIV; in order to establish a systematic withdrawal, I ha… read more
RD
RD
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Master's Degree
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What tax liability do I have when I withdraw cash from a ...
What tax liability do I have when I withdraw cash from a mutual fund for my child's college tuition (and room and board)? How do I figure my taxes on the money I withdraw for this purpose?… read more
Wendy Reed
Wendy Reed
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Master's Degree
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When does ST Capital Gains apply on selling shares of ...
When (in terms of years)does Short Term Capital Gains apply on selling shares of a mutal fund were gains/losses are calculated as First-in-First- out?Optional Information: Michigan38754.8172198727… read more
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