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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Loss of Job Date: 1/26/2006 11:50 AM
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My kids have no "job" but many years I have had to file taxe forms for the capital gains accrued on mutual funds. I calculate if it's better for me to claim it or them, some years it's me, others' it's them.

You don't get to pick and choose here. If the mutual funds are yours, you report the gains, losses, and income from the mutual fund. If the mutual funds belong to your children, they report the gains, losses, and income.

There's no choosing who will pay the least taxes here.


Actually, there may be. If the children are under age 14 and the income is only interest, dividends, and/or capital gains distributions (but not capital gains from sales of fund shares), the parent can elect to report the income on his return. It's usually better for the kids to report separately, but not always.

Ira
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