Re: 1099B

EminC · ‎03-23-2022

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

sjrcpa · ‎03-23-2022

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 · ‎03-23-2022

Don't forget the kiddie tax.

The more I know the more I don’t know.

EminC · ‎03-23-2022

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

EminC · ‎03-23-2022

Sorry, missed your answer before.

1099B

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