Client received 1099 B as Custodian for his son and there is Capital Gain of about 26K. Does client report this on his income or the son should report on his return?
UNYUTMAUNTIL AGE 21
Goes on son's return. The 1099-B should have son's SSN on it.
Don't forget the kiddie tax.
The unearned income is more 1100 total is about 26K from Stock, do you think child 17 should file own taxes for it, even though parent is custodian of the account?
Sorry, missed your answer before.