Can i report minor children's(college age UGMA account) long term gains on my tax return and offset those gains with losses from my portfolio??

[Hal_Al]

No.

If the UGMA account has capital gains from the sale of securities (stocks or mutual funds), the income can only go on the child’s return.  If his total income is $10,500 or more, including capital gains, the child must file his or her own return to report the income .

If the income is from capital gains distributions shown on a 1099-DIV, and his total income is less than $10,500, there is a provision for entering it on your return, using form 8814. But. even then, the gains cannot be used to offset your losses. On form 8814, long term capital gains and qualified dividends are not taxed at all. 

[timhallock]

Thanks Hal.  But this stinks.   The college age minor could have a tax bill for 50,000 in gains while I have losses that have no use .????   Is the UGMA gain taxed like capital gains or like my tax bracket which is high ?

[Hal_Al]

Both. Capital gains rates are use, but are calculated as if the income was added to the parents taxable income. So, very little will get the 0% rate. Form 8615 will be filed. See <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f8615.pdf">https://www.irs.gov/pub/irs-pdf/f8615.pdf</a>. For full details you'll also need to review the tax calculation worksheets that TT prepares
PS. You'll be thankful for TurboTax. I remember doing 8615, with capital gains, by hand!!!!