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Anuncio de los artículos posteados el: 06/08/2016

06 Agos 2016 
Best answer:

Are you prepared to sue your mother and grandmother? By opening the accounts in your name and SSN (with their name(s) as custodian), they told the world they had gifted you the money. They can't take the money back.

Custodial accounts (sometimes called UTMA or UGMA accounts, Uniform Trust/Gift to Minors Act)...

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Best answer: Are you prepared to sue your mother and grandmother? By opening the accounts in your name and SSN (with their name(s) as custodian), they told the world they had gifted you the money. They can't take the money back.

Custodial accounts (sometimes called UTMA or UGMA accounts, Uniform Trust/Gift to Minors Act) are supposed to end when you read a certain age. Parents are often reluctant to hand the money over. The bank or brokerage holding the account will want the parent to sign paperwork first.

The UGMA my parents had for me was used to pay for my college degree and a car. (The car was a result of left over money because I had some scholarships, went to an instate school and paid part of my expenses from working.) Any time I had to pay a tuition bill, I had to ask my dad to transfer the money first. If the money was invested in CDs (common in the 1960s and 1970s), I paid taxes on the interest income yearly (the IRS even has a form to add it to the parents tax return so the child doesn't have to have a separate return). If the money was invested in stock (as your situation appears to be), any redemption was a sale of asset, generated a 1099-B to the address of record and had to be reconciled on the child's 1040 with a schedule D. Failure to do so triggers the dreaded CP2000 letter (which assumes short term gain, no basis).

Given that you were already burned by this and the CP2000 letters are 12-18 months after you file, I would use the GET TRANSCRIPT app at IRS.GOV (or form 4506-T) to request your income transcript for the past 10 years. You will want to verify that there aren't any more surprises.



What mom wasn't supposed to do was treat the account like it was her money and she could take back the money anytime she felt like it. (The law indemnifies the bank/brokerage--as custodian, she had the legal obligation to spend the money on your benefit.)

There is a pretty lengthy discussion of UTMA/UGMAs at fairmark.com. The articles are aimed at the parent.





PS, the money spent does NOT have to be for school. It has to be for you benefit. Mom may be arguing that she finally got around to paying herself back for previous expenditures that were over and above support.

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