Use of Child's UGMA account for lessons, camps and clothing expenses? - ugma accounts
What measures gift has taken into account, for my son, sell and pay the proceeds for my son for camp, classes, clothing, electronics? I would save the tax benefits of the CAP, is not it?
Tuesday, January 19, 2010
Ugma Accounts Use Of Child's UGMA Account For Lessons, Camps And Clothing Expenses?
2 comments:
An UGMA / UTMA custodial account allows you to transfer property or a gift to a minor without a trust. Withdrawals from this account can be used for any purpose that the minors are not limited in the use of funds.
Watch www.fairmark.com/cust101.htm
You will receive a limited impact.
The fee for the child reaches the age of 23.
The first $ 900 of investment income (is not), including capital gains tax. 2 The $ 900 is taxed at a rate of children (0%) and the remainder is taxed as the rate of IBS. So no, not really save taxes on capital gains.
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