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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Yes, if no funds were withdrawn (full reinvestment) you do not have to report the income- be sure however, to keep the paperwork that shows the swap so you have the correct basis.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)
Yes, if no funds were withdrawn (full reinvestment) you do not have to report the income- be sure however, to keep the paperwork that shows the swap so you have the correct basis.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)
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