Have Your Funds Lost Money But You Still Owe Taxes?!!
Every tax season at least a few unsuspecting taxpayers receive a 1099-DIV with taxable capital gains. This tax year, the pain of that unexpected taxable capital gain income could be even worse since the value of most mutual funds significantly decreased in 2008. So how can you possibly owe capital gain taxes when you’ve already lost so much money? The attached article explains this issue in more detail. As you read, remember that capital gains are currently taxed at preferential tax rates until December 31, 2010. Those rates can be as low as 0% for qualifying taxpayers with long term capital gains. Do you still have questions? Don’t hestitate to contact us!
http://seattletimes.nwsource.com/html/businesstechnology/2008543893_fundshock21.html
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