Maybe I am overthinking this, but...
The vast majority of our portfolio is in Fidelity, scattered between DW and I's Rollover IRAs, Roths and a single WROS (brokerage) account that we share.
Last year stuffed the proceeds of our primary house sale into the WROS account. Most of it is invested in a CD but some is in a Money Market type FIDO holding (FZDXX). Am I wrong to think that I can pull some of that out of FIDO and put it in my home bank without it getting reported to the IRS as income and I, in fact, will not have to pay taxes on it? (We live in NH BTW, no income tax). The home sale did not exceed the $500k gain threshold.
And when the CD matures, and the "coupon" gets paid, will that be reported as income at that time, even if I leave it in the WROS account? I'd like it to, actually.
The vast majority of our portfolio is in Fidelity, scattered between DW and I's Rollover IRAs, Roths and a single WROS (brokerage) account that we share.
Last year stuffed the proceeds of our primary house sale into the WROS account. Most of it is invested in a CD but some is in a Money Market type FIDO holding (FZDXX). Am I wrong to think that I can pull some of that out of FIDO and put it in my home bank without it getting reported to the IRS as income and I, in fact, will not have to pay taxes on it? (We live in NH BTW, no income tax). The home sale did not exceed the $500k gain threshold.
And when the CD matures, and the "coupon" gets paid, will that be reported as income at that time, even if I leave it in the WROS account? I'd like it to, actually.