Question QUESTION: I am late 50's, have mutual fund for many years I established for saving for house down payment. I feel soon I should cash it out somehow and put it in a savings accnt. for house. What is the best way of doing this ? I am worried about capital gains, taxes. I thought of taking (selling) little by little over a couple of years, so it is not such a shock to my taxes. How should one go about this ?
ANSWER: Thank you for your query. I am not able to furnish you with investment advice. However, you may want to have a meeting with your tax advisor or accountant and with the duly licensed registered rep or financial advisor. Good luck.
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QUESTION: In response to your answer.. Can you tell me what is the procedure for turning a mutual fund (say a balanced fund type) to cash ? If all of a fund is cashed in at once does it generate more of a tax load (in general) than if you turn it to cash gradually ? (speaking in general sense for all people)
would you be able to answer this ?
Answer Thank you for your query. Unfortunately, I am not able to furnish you with financial or tax advice. You may want to have a meeting with your tax advisor and a registered representative authorized to deal with those particular mutual funds. I am sure they will supply you with information for you to make a decision that suits you best. Good luck and apologies for not being able to assist you further.
