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Posted by Andrew DeFaria on February 28, 2007, 6:38 pm
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I started some non-retirement investing this year. At the brokerage you
put money into the account and "money market" shares are purchased at a
straight $1 = 1 share rate. Later, when you actually invest in
something, a mutual fund or stock, shares of this money market are sold
and your mutual fund or stock is purchased.
Importing to TurboTax for the Web creates an Investment Sales Summary
for the sales of these money market shares. Do I need to pay taxes on
this?!?
--
Andrew DeFaria <http://defaria.com>
The careful application of terror is also a form of communication.
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I started some non-retirement investing this year. At the brokerage you
put money into the account and "money market" shares are purchased at a
straight $1 = 1 share rate. Later, when you actually invest in
something, a mutual fund or stock, shares of this money market are sold
and your mutual fund or stock is purchased.<br>
<br>
Importing to TurboTax for the Web creates an Investment Sales Summary
for the sales of these money market shares. Do I need to pay taxes on
this?!?<br>
<div class="moz-signature">-- <br>
<a href="http://defaria.com">Andrew DeFaria</a><br>
<small><font color="#999999">The careful application of terror is also
a form of communication.</font></small>
</div>
<br>
</body>
</html>
--------------090709040102080008090602--
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Posted by David H. Lipman on February 28, 2007, 6:48 pm
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| I started some non-retirement investing this year. At the brokerage you put
money into the
| account and "money market" shares are purchased at a straight $1 = 1 share
rate. Later,
| when you actually invest in something, a mutual fund or stock, shares of this
money market
| are sold and your mutual fund or stock is purchased.
|
| Importing to TurboTax for the Web creates an Investment Sales Summary for the
sales of
| these money market shares. Do I need to pay taxes on this?!?
|
Plaese ask a licensed tax advisor, the IRS or lawyer.
--
Dave
http://www.claymania.com/removal-trojan-adware.html
http://www.ik-cs.com/got-a-virus.htm
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Posted by Scott Lindner on February 28, 2007, 7:25 pm
Please log in for more thread options > Plaese ask a licensed tax advisor, the IRS or lawyer.
I hope you expect a similar response when you post for assistance on a topic
you care about.
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Posted by Scott Lindner on February 28, 2007, 7:35 pm
Please log in for more thread options : quoted-printable
I can't say for sure but I'd suspect it will be treated as a dividend. =
You could contact your broker and ask what they report on a 1099-DIV. =
You might even be able to find that on their website by searching for =
taxable dividends. I'm guessing it'll be a dividend, but I suppose it =
could be reported as something else.
To answer the intent of your question I'd suspect these gains are =
taxable and will be reported as such.
Scott
I started some non-retirement investing this year. At the brokerage =
you put money into the account and "money market" shares are purchased =
at a straight $1 =3D 1 share rate. Later, when you actually invest in =
something, a mutual fund or stock, shares of this money market are sold =
and your mutual fund or stock is purchased.
Importing to TurboTax for the Web creates an Investment Sales Summary =
for the sales of these money market shares. Do I need to pay taxes on =
this?!?
--=20
Andrew DeFaria
The careful application of terror is also a form of communication.=20
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<DIV><FONT face=3DArial size=3D2>I can't say for sure but I'd suspect it =
will be=20
treated as a dividend. You could contact your broker and ask what =
they=20
report on a 1099-DIV. You might even be able to find that on their =
website=20
by searching for taxable dividends. I'm guessing it'll be a =
dividend, but=20
I suppose it could be reported as something else.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>To answer the intent of your question =
I'd suspect=20
these gains are taxable and will be reported as such.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Scott</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV>"Andrew DeFaria" <<A=20
message=20
<A=20
=
ITwj3vYnZ2dnUVZ_sudnZ2d@comcast.com</A>...</DIV>I=20
started some non-retirement investing this year. At the brokerage you =
put=20
money into the account and "money market" shares are purchased at a =
straight=20
$1 =3D 1 share rate. Later, when you actually invest in something, a =
mutual fund=20
or stock, shares of this money market are sold and your mutual fund or =
stock=20
is purchased.<BR><BR>Importing to TurboTax for the Web creates an =
Investment=20
Sales Summary for the sales of these money market shares. Do I need to =
pay=20
taxes on this?!?<BR>
<DIV class=3Dmoz-signature>-- <BR><A =
href=3D"http://defaria.com">Andrew=20
DeFaria</A><BR><SMALL><FONT color=3D#999999>The careful application of =
terror is=20
also a form of communication.</FONT></SMALL>=20
</DIV><BR></BLOCKQUOTE></BODY></HTML>
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Posted by Han on February 28, 2007, 8:34 pm
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> I started some non-retirement investing this year. At the brokerage you
> put money into the account and "money market" shares are purchased at a
> straight $1 = 1 share rate. Later, when you actually invest in
> something, a mutual fund or stock, shares of this money market are sold
> and your mutual fund or stock is purchased.
>
> Importing to TurboTax for the Web creates an Investment Sales Summary
> for the sales of these money market shares. Do I need to pay taxes on
> this?!?
>
As far as I know, buying or selling is not in itself taxable. What is
taxable is any dividends you get as interest on your investments (most MMF
do give a small amount of interest), and of course, capital gains. MMF
avoid that by keeping the value of their shares at $1/share, so it is
unlikely that you get a cap gain from a MMF sale.
--
Best regards
Han
email address is invalid
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