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Level 2
posted Mar 13, 2024 12:50:44 PM

do I need to report my kids UTMA ?

0 1 270
1 Replies
Expert Alumni
Mar 13, 2024 12:59:53 PM

No.  It's not taxable to them and not deductible to you.  

 

You may have to report gifts if you go above the limits.

 

@alross18