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I would think it'd be like anything else. The profit made gets lumped into the gross sum of money you made during the year, and then the government taxes you on that.
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If taxes were that simple, do you honestly believe there would be 500 page tomes dedicated to the laws every single year?
As far as your mutual funds go in the eyes of the Internal Revenue Service, it all depends on what happens with them.
If they pay dividends, you're taxed on those (it also depends on whether or not the dividends were qualified)
If you sell it at a gain, you're taxed on it.
If you sell it at a loss, it can be an exclusion of gross income.
Amazingly enough the IRS website has a shit load of information on them!
Go figure.
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