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| *Loan,banking and credit>>>tax accounting |
Do i pay taxes on capitol gains even though the money stays in the account untouched by me? |
Do i pay taxes on capitol gains even though the money stays in the account untouched by me? It depends if you actually sold the stock/security or not. If it's just a stock and you still have it and it went up, you don't have to pay taxes. Some mutual funds have "distributions" so even if you don't sell it, you still have to pay taxes. If you sold the stock and the cash is sitting in the account, then you do have to pay taxes. Yes you do, it is considered income. So for your sake, hope its not too much! yes, so diversify the account by making gifts, I could do with a few grand!!! merlin assuming its is a mutual fund yes. |
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