Do I want to trade in a mutual fund account with a gain or a loss for a short period of time?

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Contributor
I need to free up $10k for 4 months to invest in another account with guaranteed returns. I'll be taking the money out of mutual fund accounts. Is it better for tax purposes to take the money out of accounts that currenty have a loss or accounts that are showing gains? I will be returning the money after the 4 months have passed.

4 REPLIES

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Hi Darnell1,

 

I would recommend giving us a call at 1-800-771-9960. Someone will be able to answer your question accurately based on your account and situation. Thanks!

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Unless that "guaranteed account" is a money market or an insurance policy, I'd be REALLY wary.  In investing, there are very few guaranteed returns except by scammers and other crooks.  There are people by the thousands who have lost their money on so-called "guaranteed returns".  I would to a LOT of research on something like that even if "but my brother did it and he got 14%!"  Fact is, many scammers will give a good return, let the word of mouth spread and once they have many depositing several thousand dollars, they disappear.  Then use all those deposits they ran offi with to start another scam with guaranteed returns.

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I'm going to second what Phantom said. Just the fact that you said the words "guaranteed returns" tells me you're about to get scammed. Leave your money where it is!
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Thank you all for chiming in and helping out a member - you guys rock! :-)