stocks and taxes
#1
stocks and taxes
hey i was wandering if anyone can give me some input.
if i were to sell $2,500 in mutual funds would i have to claim that as an income and pay taxes on it? Even if i already have paid taxes on the entire fund and its realized gains?
basically what i want to know is, do i have to claim sold shares as income?
any info welcomed
Thanks
if i were to sell $2,500 in mutual funds would i have to claim that as an income and pay taxes on it? Even if i already have paid taxes on the entire fund and its realized gains?
basically what i want to know is, do i have to claim sold shares as income?
any info welcomed
Thanks
#2
Yes, you would have to include that as part of your income. If you have elected to pay taxes on it when you sold it, IRS will calculate any over/under payment. You should have received a form along with all your w-2s and fill out another form along with your 1040.
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