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1099B

EminC
Level 2

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?

UNYUTMA
UNTIL AGE 21

Thanks

 

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4 Comments 4
sjrcpa
Level 15

Goes on son's return. The 1099-B should have son's SSN on it.

The more I know, the more I don't know.
sjrcpa
Level 15

Don't forget the kiddie tax.

The more I know, the more I don't know.
EminC
Level 2

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?

 

Thank you

 

 

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EminC
Level 2

Sorry, missed your answer before.

 

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