Hi,
I have mutual fund investments in India (no dividend) that have been held prior to me moving to the US. There are no distributions from those mutual funds, so no income. There have been no investments made into those after moving to the US.
One of the tax consultants whom i consulted asked me to enter these as 'Custodial accounts' . While these mutual fund investments may be used for my child's education in the future, these MFs do not have my child's name in them as they were opened when I lived in India.
My questions are
1. Is it right to file these as 'Custodial accounts' ?
2. Is there unrealized gains that I need to pay tax on though all of these mutual funds were opened when I was not a US tax person ?
