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A nobody 5:09 pm on August 27, 2010
YES., YES
You do not transfer money from stock to mutual funds, – you must liquidate (sell) the stock and then buy the mutual fund.
In the United States mostly all brokerage firms will charge you a commission (fee) when you sell the stock.
You can move money from the proceeds of the sale of the stock to a mutual fund. This is considered a purchase of a mutual fund, and not a transfer, therefore you could be subject to a purchase commission (fee) depending upon the fund you buy.
When you sell the stock, any profit or loss you incur must be included in your tax reporting,
ckm1956 5:09 pm on August 27, 2010
If it’s with the same brokerage, no fees.
If any of the stocks happened to gain value, you’ll pay tax on that. Any losses will be deductible. (limits apply)
Given the current instability of the market, staying in "cash" isn’t a bad idea for now.
slane475 5:09 pm on August 27, 2010
Yes, there will be tax consequences when you sell your stock investment, but since you are "getting hammered with losses" this will actually work to your benefit and SAVE you money when you file your tax return.
The IRS allows you to deduct up to $3,000 of net capital losses per year. This would be calculated on Schedule D. This capital loss will reduce your taxable income (salaries, wages, etc.) so you will pay less in taxes. To figure the amount of your loss, just take the amount that you originally paid for an investment and subtract what you sold it for to determine whether you have a gain or a loss.
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