Bob F asked:
I am purchasing my first home and need to sell several of my mutual funds for the down payment. Unfortunately, I am going to take a big hit when I have to pay the capital gains tax from the sale of the mutual funds.
I am purchasing my first home and need to sell several of my mutual funds for the down payment. Unfortunately, I am going to take a big hit when I have to pay the capital gains tax from the sale of the mutual funds.
Is there any way that I can apply these capital gains towards the down payment of the new house to decrease my taxes? If not, are there any other suggestions to decrease my capital gains tax?
Frankly, having my mutual funds do well enough to require capital gains tax is not a bad problem to have. It means they have done well over the past few years. I just want to know if I can do anything to improve my tax situation.
