I gifted shares of stock from my investments to my grandchildren. I am the custodian although they are the owners. I received Form 1099-DIV for each account. Since they are not filing a tax return, do I need to report the information on my tax return?
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No, you don't report their income on your income tax return. Assuming they have no other income they don't need to prepare an income tax return until their unearned income is more than $1,050.
Tom Young
No, you don't report their income on your income tax return. Assuming they have no other income they don't need to prepare an income tax return until their unearned income is more than $1,050.
Tom Young
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