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uasrani
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Capital Gains reporting for UTMA

 
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bwa
Alumni
Alumni

Capital Gains reporting for UTMA

A child's passive Income such as interest, dividends and capital gains distributions (but not capital gains from the sale of stock) can be reported on the parent's return, but they are just as easily (and correctly) reported on your dependent's return, but only if he / she is required to file a return.

If the child has capital gains (other than capital gains distributions) and is required to file, the child must file their own return.

If the child is not required to file a return, it does not have to be reported on the child or parent's return and the amount escapes taxation. (If your dependent made over $950 in passive income - such as interest and dividends - they are required to file a return.)


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1 Reply
bwa
Alumni
Alumni

Capital Gains reporting for UTMA

A child's passive Income such as interest, dividends and capital gains distributions (but not capital gains from the sale of stock) can be reported on the parent's return, but they are just as easily (and correctly) reported on your dependent's return, but only if he / she is required to file a return.

If the child has capital gains (other than capital gains distributions) and is required to file, the child must file their own return.

If the child is not required to file a return, it does not have to be reported on the child or parent's return and the amount escapes taxation. (If your dependent made over $950 in passive income - such as interest and dividends - they are required to file a return.)


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