Foreign Mutual Fund Gains

Forum|Forum|1 year ago
February 8, 2025
1 reply
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Should I fill this as 1099-B and state that I dont have 1099-B with IRS

Do I need to mail the mutual fund statement to IRS

Also dont have the cost basis as they were monthly investments for few years, and were sold together in 2 days

SusanY1

Since this is a foreign mutual fund you may be subject to different taxes and this may not be as simple as reporting it the same way that you report a U.S. transaction.

Foreign mutual funds are considered passive foreign investments, generally, and subject to a different tax structure and additional reporting via Form 8621.

TurboTax doesn't support this form, and we suggest that you reach out to a qualified professional well-versed in Passive Foreign Investment Company (PFIC) taxation

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