Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Franky804
New Member

If you exchange funds in a mutual account, would the gain-even though you don't cash out and its invested in the exchange-be considered as income?

form 1099-B had been sent for these.
1 Best answer

Accepted Solutions
Rachel_W
Level 4

If you exchange funds in a mutual account, would the gain-even though you don't cash out and its invested in the exchange-be considered as income?

Yes, when you exchange mutual funds, the gain is taxable even though you didn't actually take the cash out.

You will need to report the transactions just as they appear on your Form 1099-B.

Check out the TurboTax FAQ below for instructions on how to enter your Form 1099-B:

https://ttlc.intuit.com/replies/4789365

View solution in original post

1 Reply
Rachel_W
Level 4

If you exchange funds in a mutual account, would the gain-even though you don't cash out and its invested in the exchange-be considered as income?

Yes, when you exchange mutual funds, the gain is taxable even though you didn't actually take the cash out.

You will need to report the transactions just as they appear on your Form 1099-B.

Check out the TurboTax FAQ below for instructions on how to enter your Form 1099-B:

https://ttlc.intuit.com/replies/4789365

Dynamic AdsDynamic Ads
Privacy Settings
v