I sold shares of a mutual fund & other stocks in order to pay a down payment on a first time home purchase. Do I still have to pay capital gains tax on those investments even though the $$$ was invested straight into a home?
Yes. If the funds were sold in a taxable account you will still pay tax on the capital gains. If that money was in a IRA then it will be taxed at the regular income rate but you will not have to pay the 10% penalty. In this case you can pull out a maximum of $10,000. If it was in a Roth IRA and you have held it for 5 years then you can pull out the principal tax free.
In the last 50 years the S&P 500 has gained 11,200%, assuming dividends are reinvested. The U.S. dollar has lost... http://t.co/I17xqoNWk8
- Monday Apr 20 - 9:00am
We are happy to announce that Wiser Wealth has been chosen as one of the top 25 small businesses of the year by... http://t.co/MTc23Sz8sz
- Thursday Apr 16 - 11:22pm