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Ira or any of the other tax pros: Any chance that the "put it in their name" was simply a nominee holding title, but not equitable interest, for a minor child, so that the change of name from parents to OP is only a change of record owner, but no change in real owner, and thus not a taxable event?

I doubt that conversion of UGMA or UTMA accounts to the now majority age child trigger a taxable event.


While it's possible that the OP doesn't understand exactly how the shares/account were titled, I've never heard anyone describe a UGMA/UTMA account as being in the name of the custodian. The child is still the owner of record in a UGMA/UTMA account and is responsible for any taxes due on income/gain.

If it were a UGMA/UTMA, you are correct that removing the custodian from the account is not a taxable event.

Ira
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