I sold shares from account opened under UTMA (now in my name, dad was former custodian). TurboT asks: did u purchase all of these, or was it a gift?Does it count as gift?

[ColeenD3]

Yes. See the blue link for more information.

The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee.

• The minor can avoid tax consequences until they attain legal age for the state.
• The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age.

[carolinejq2]

Thank you!