My customer holds shares a large-cap (non-IRA) mutual fund.
His brokerage statement for December shows a large LTCG distribution from this fund, and it is shown as qualified 5 year capital gain.
The 1099-DIV for 2018 just shows regular Total Ordinary & Qualified Divs and Cap Gain Distributions / no mention of any 5 year gain.
I remember there were special 2 and 5 year cap gain rates for these holding periods a number of years ago but aren't these gone now ?
Think maybe the mutual fund just recorded it that way years ago, although it is no longer applicable, the statement shows this 5 year identifier ?
I'll have go by what the 1099-DIV says, not the brokerage statement, but I just want to make sure I'm not missing something here.
Thanks for any comments.
His brokerage statement for December shows a large LTCG distribution from this fund, and it is shown as qualified 5 year capital gain.
The 1099-DIV for 2018 just shows regular Total Ordinary & Qualified Divs and Cap Gain Distributions / no mention of any 5 year gain.
I remember there were special 2 and 5 year cap gain rates for these holding periods a number of years ago but aren't these gone now ?
Think maybe the mutual fund just recorded it that way years ago, although it is no longer applicable, the statement shows this 5 year identifier ?
I'll have go by what the 1099-DIV says, not the brokerage statement, but I just want to make sure I'm not missing something here.
Thanks for any comments.
Comment