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My dad bought mutual fund for my 3 children, ages 4,3,2. I received my statement from the brokerage which lists the amounts for ordinary dividends, long term capital gains and foreign tax paid. The funds are held in my father's name and the children's with their social security numbers, but do I have to report their earnings (all made no more than 20.00 in dividends and $125.00 in capital gains) and do Schedule D? They are recorded as gifts.
Any help will be very much appreciated!
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