Do I need to report capital gains from mutual funds?
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pyotr1246
Apprentice
Joined: 02 Mar 2008
Posts: 4
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 Posted: 09/03/11 - 04:39 Post subject: |
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| Are there any taxation experts here on the forum? Then I would really like to hear from you. I have been thinking about investing into a mutual fund for quite a while now, but I have not dared to make the step thus far. Could you please tell me if I need to report capital gains from mutual funds? |
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dionysus625
Apprentice
Joined: 19 Jul 2010
Posts: 2
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| Posted: 09/18/11 - 03:58 Post subject: |
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| Yes, you will indeed need to report your returns from mutual funds you have invested in to the Internal Revenue Service. And you may not be subject to capital gains tax, however, you will certainly be subject to income tax, because the returns you get from the mutual fund will be seen as income for taxation purposes. |
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junina
Apprentice
Joined: 27 Apr 2005
Posts: 4
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| Posted: 10/03/11 - 03:17 Post subject: |
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| And what else did you have in mind? Mutual funds are investments that you can hardly hide, and the last time I checked, tax evasion was still an illegal act! I know that there are special rules if you hold a mutual fund within a retirement plan though. In that case, no taxes will apply. |
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