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Level 1

I transferred my son's UTMA mutual fund. The old broker said there would be no 1099-B sent because the account was transferred to another UTMA account. Is this correct?

Do i not have to claim the profit and basis per share when transfering his UTMA?  Or do i wait until he actually pulls out the funds?

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Employee Tax Expert

I transferred my son's UTMA mutual fund. The old broker said there would be no 1099-B sent because the account was transferred to another UTMA account. Is this correct?

Yes, if no funds were withdrawn (full reinvestment) you do not have to report the income- be sure however, to keep the paperwork that shows the swap so you have the correct basis. (In this case, you need to know the number of shares and values)

1 Reply
Employee Tax Expert

I transferred my son's UTMA mutual fund. The old broker said there would be no 1099-B sent because the account was transferred to another UTMA account. Is this correct?

Yes, if no funds were withdrawn (full reinvestment) you do not have to report the income- be sure however, to keep the paperwork that shows the swap so you have the correct basis. (In this case, you need to know the number of shares and values)