The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Closed accounts... taxable?!?||Date: 2/27/2000 2:55 PM|
|Author: siobhan||Number: 30197 of 125429|
Help! This is my second year out of college and, as part of the transition into adulthood, I took over an account into my own name that had previously been held as a custodial account through my mother (thanks, mom!).
I closed the custodial account in 3/99, and the 1999 consolidated statement is showing over $11,000 in realized proceeds! Yikes! Even though I never saw a penny of that money and immediately reinvested it all in the same exact stock under my own name, do I owe income taxes on over $11,000 "additional income"?
I don't know if this is specific enough to garner a firm answer, but I could use any hints out there!
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