Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #-1  
Old 03-06-2009, 04:09 PM
JB
Guest
 
Posts: n/a
Default Entering Capital Loss for Muni Bond Fund

Hi,

I have a short term capital loss on a municipal bond mutual fund. I've
forgotten which IRS pub I read it in but I recall a requirement to forfeit
six months worth of interest in this case.

Out of habit I entered the average cost basis for the fund in TurboTax and
nothing was mentioned about this requirement.

Is the proper way to do this just to reduce my cost basis by the six months
worth of interest?

Thank you.

Mike

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >
 
Similar Threads
Thread Forum Replies Last Post
muni bond fund vs. "core" bond funds
Sandra Loosemore: I've read suggestions now and then that it can make sense to hold muni bond funds in a taxable account and put higher-yielding stock investments in...
Financial Planning 6 03-28-2007 09:02 AM
What happen's to Muni Bond Fund's tax free-edness?
boostm3: Here's the setup: A bypass trust owns a Massachusetts muni bond fund. This fund pays about $17k in dividends which would be triple tax free to a...
Financial Planning 2 01-15-2007 09:01 AM
Laddering Muni Bonds vs Muni Bond Fund
Peregrine Maitland: If one wanted to were to look for steady tax-free income in retirement, which would offer the better promise of steady, inflation protected income:...
Financial Planning 30 10-29-2006 08:37 PM
Capital loss on inherited muni bond?
Jay: Taxpayer inherited a tax-free muni bond in 1986, and held it to maturity. The bond matured in June, 2003. The bond's fair market value when...
Taxes 1 03-01-2004 06:27 PM
Cost basis computation for muni-bond fund account
Gindie: I know in a taxable account, you can compute the cost basis by totalling up all investments of cash as well as those shares gained by the various...
Taxes 3 08-06-2003 11:50 AM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 05:26 PM.