Taxable gains on 1099div in 2008

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Enzo IX
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Joined: Wed Jul 23, 2008 4:07 am

Taxable gains on 1099div in 2008

Post by Enzo IX »

With all the redemptions on mutual funds going on this year, looks like it's going be one of those years where I'm gonna pay income taxes on gains within the fund. I hate these years, portfolio goes down and pay taxes to boot, Great!
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wab
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Joined: Fri Feb 23, 2007 6:51 pm

Post by wab »

Haven't you been harvesting losses? You can offset cap gains reported by the funds as well as your own capital gains. As well as $3000 in earned income. And you can carry forward forever.

TLH is good. :)
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rob
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Post by rob »

Yup.... nothing like a bit of salt on that open gouge....... One of the added benefits to the TaxManaged funds IMO (I know some don't like the restrictions but...).

TLH carry-over is not quite "forever" - At some point you die :shock: Certainly worth selling some losers to make up for the gains.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien
Topic Author
Enzo IX
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Joined: Wed Jul 23, 2008 4:07 am

Post by Enzo IX »

Wab,

Yes I have done some TLH, but I had a real estate contract cash out in 2008 and the TLH on my funds probably will make that a wash.

I understand the phantom gain within the fund, but it just cracks me up when I look at my portfolio and have to pay taxes on the gain in January.

Wishing the best for everyone,

Doug
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Dale_G
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Location: Central Florida - on the grown up side of 83

Post by Dale_G »

I don't think equity funds will be distributing capital gains this year -
except perhaps for "short" funds.

In the case of equity index funds, if they are selling, they should be selling the high cost shares and incurring capital losses.

edited to fix typo

Dale
Volatility is my friend
gassert
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Post by gassert »

You dont think there will be cap gains this year? way wrong. Jan 08 was near the top of 5 years of gains. Lots of mangers held positions and sold in the new year so as not to repeast the terrible pass throughs of 2007, now they can certainly write off against losses, but I promise there are funds which will have massive losses for the year and also distribute capital gains. This will not make people happy.
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