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Level 2
posted Feb 8, 2020 6:21:51 PM

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?

0 2 581
2 Replies
Expert Alumni
Feb 9, 2020 8:30:15 AM

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.

Level 2
Feb 12, 2020 8:21:21 AM

Thank you!