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Old 03-28-2010, 06:11 PM
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Capital Gains/Losses in Kids Accounts

I sold some invesments in my kids' UTMA accounts that created losses. I then bought some stock and sold some of that stock to create gains that equalled the losses in these accounts. I then bought back that same investment the same day to create a new, higher cost basis so when I sell this stock later, I will have less capital gains. My question is do I need to file tax returns for my kids' accounts? There is essentially no capital gains because the losses from the previous investments offset the gains I created from the new stock sale. My children do not have any earned income. The accounts are set up under the children's tax id numbers. I thought I would file a tax return with schedule D showing the gross proceeds amount so it matches what was reported to the IRS, but the gains are not more than $950, which the IRS website makes some mention of. I'm not sure if I need to file tax returns for the kids' accounts or not.


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