topic 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? in Investors & landlords

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?

carolinejq2 — Sun, 09 Feb 2020 02:21:51 GMT

ColeenD3 — Sun, 09 Feb 2020 16:30:15 GMT

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 — Wed, 12 Feb 2020 16:21:21 GMT

Thank you!