Say I have bought a mutual fund 2 years ago and 6 months ago; now I sell some (less than either purchase).
Is it FIFO, so I have a long term gain?
- posted
15 years ago
Long or short term on mutual fund sales?
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- posted
15 years ago
If you did not specify in writing which shares were to be sold, you use FIFO. You have different options as to how you compute your cost basis if the shares are held in an account managed by a custodian or agent (typically the MF company or your broker) and this is the first time you sold. See IRS Pub 564 starting on page 7 for details.