AboutJohn D Smith, CFP Expertise I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related financial planning/investment issues. I have a B.S. degree in Financial Planning & Counseling. I am also a Certified Financial Planner practitioner and have performed fee only investment management and financial planning services for the past 11 years.
Expert: John D Smith, CFP Date: 2/16/2008 Subject: Moving America Funds to Money Market
Question In Sept 07 I moved fund balances from ICA and Growth Fund of America to Cash Mgmnt Trust of America to protect the balance of about $5200 for my daughter to have at college graduation as seed money for work career. Form 1099-B came and I'm unclear as to whether to report this on schedule D. If so, not sure how to calculate cost basis. Tks for your advice.
Answer If you sold the shares of ICA and Growth Fund of America for gain then this gain does need to be reported on Schedule D. The cost basis is the amount you paid for the shares, offset by any taxes already paid on distributions that occured while you owned the funds. American Funds may have this cost basis information for you. If not, then you will need to pull your activity records for these funds to calculate. I hope this helps.
