Do I pay capital gains tax if I sell a number of stocks equaling less than my initial investment amount? (FIFO question)

My online broker says they are FIFO. Do I pay taxes in the following hypothetical scenario?

I buy 10 shares more than a year ago for $1,000. I buy more shares as time goes along and have total net gains since the beginning and my account is now worth $10,000 including regular contributions and growth and dividend gains. I then want to sell approximately $500 worth of shares.

In this case, am I selling $500 worth of the original $1000? Does FIFO in this case mean that because I'm not cashing out any gains, that I won't be paying capital gains tax?

Thanks

Submitted August 07, 2017 at 05:19PM by tineras http://ift.tt/2hDEJOP