When to Pay Capital Gains?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 9 September 2020

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Good news, bad news. The good news is that your investments have done very well! The bad news (kind of) is that you're now facing a boat load of capital gains. What should you do? Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Jill on Money Podcast. It is Wednesday, September 9th, and we are
0:09.2	delighted that you are joining us
0:14.0	and email
0:15.0	an email ask Jill on money dot com
0:18.0	ask Jill on money dot com
0:21.0	this is from anonymous you see you can be anonymous if you'd like and here is the message
0:27.2	For many years I have had a taxable account with Fidelity with some mutual funds. I really don't do anything with them.
0:35.0	I mostly sell when I need money for a big purchase like our apartment.
0:40.0	There's currently a little over $100,000 in unrealized capital gains.
0:45.9	When I spoke to an advisor at Fidelity recently,
0:49.2	she suggested selling these investments,
0:51.3	paying the capital gains taxes, and then moving forward with a strategy that includes tax harvesting.
0:57.0	Two questions.
0:58.0	What should I do with an account that has a lot of gains that will require me to pay a bunch of taxes about 15 grand even though I just
1:06.4	want to reinvest the money or keep it invested. I expect capital gains taxes
1:11.2	could increase in the future? And should I let a
1:14.8	fidelity advisor manage my money so that tax harvesting and tax policy is generally
1:20.6	a part of my strategy? The percentage fee was pretty low. I know the standard
1:25.0	advice is to invest in index funds and just leave it alone, but that still leaves the question
1:30.2	of when to pay taxes on the gains.
1:33.0	To be clear, I'm not trying to avoid paying taxes, I believe in taxes and paying my fair share.
1:38.0	I think I want to avoid a big hit all at once and I don't want to do something stupid.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Audacy, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Audacy and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.