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Retired now we are . Over the last 20 years have invested in mutual at $150.00 a month , we have also a good amount in our IRA's . We own our house . We now want to buy a real nice home on the lake for our retirement living as our reward. I worry about paying the tax on the profit of the mutual fund profit as some of the initial buying prices were in the $6.00 a share price & are now in the $15.00 to $20.00 a share price range l No idea of how to come up with an average buying price as they were bought over several years , investing roughly $150.00 a month , $1800.00 a year. Any advice if we want to sell say $150,000.00 of mutual funds to buy our dream home prior to selling our present home. We still have another $250,000.00 in credit savings & CD's , we still have our IRA's with each having $65,000.00 in each plus our monthly retirement income of $2,500.00 a month. Thanks for any advice or suggestions . We are in South Carolina..
If you contact the mutual fund company they may be able to provide you with historical prices so that you can calculate your cost basis. You will pay taxes of approximately 15% on the long-term capital gains and ordinary income tax on any interest. You will need to see if the company can provide you with data on interest income over the time that you have insested as well.
sassafras has an excellent point. You should also speak to a CPA. You might, in fact, have another option. Let's say you don't touch your funds and instead, for an interim, use your existing house to purchase your dream house on the lake. Without knowing the numbers and your current worth, it is impossible for me to determine what would be the best for you.
I would cash in 150,000 on the cd's because the interest rate you are receiving is a lot less and i dont think there is much penalty. Also the mutualy funds probably still have some rising to do in this market but that is just speculative. But i would leave the mutual funds alone as a general principle. They are better used as an added income off the interest.
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