How to I calculate the cost basis for a UTMA account
My daughter is withdrawing from her UTMA and we are being asked for the Cost Basis. I contributed to this account over many years by making a monthly contribution and have most of the statements. What it the most practical method of handling this.
012014
1 Replies
MaryK1
Level 9
Jun 5, 2019 2:55:14 PM
If the account does not have a breakdown of contributions and income, you will have to add up the monthly amounts to get the total. (Luckily you should only have to do this once)