Quote:
Originally Posted by Rainger99
However, if the mutual fund has losses during the year, you can’t deduct them because the loss is unrealized.
To claim a loss from your mutual fund investment, you must have "realized" the loss -- that is, you must have sold some or all of the shares before the end of the year. If you have not sold any of your fund shares, your loss is "unrealized," meaning that the loss is not fixed or final -- as long as you still own the shares, their value could go up next week, next month or next year.
However, this doesn’t work with gains. You pay them even if they are unrealized.
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I thought the TAXMAN is my friend. Is that him in the corner drooling over MY money?
The CPI, consumer price index, hit 9.1% now it is 8.5%. You can buy 10 year treasuries as of today 2/13/23 they pay 3.717%. FAIR? Actually in Florida we have no state tax. While you are paid 3.717% and your money buys 8.5% less,
the government, they owe 31 or is it 34 TRILLION has you pay full Federal Income tax on that 3.717 BUT they decide they will take their larger cut of the too low interest BUT you do not need to pay state or city tax-both of which need to live on a BALANCED budget.