Sock sale of custodian account.?
Question:
Answer:
If it is a custodian account, you need to hire a lawyer. I is an account you started or one given or left to your children. If it is the latter you have no right to depoist the money in your persaonal bank account as your children when they become of age can sue you, that's right you for the money and the intrests they would have made had you kept the account. Yes you do have to pay tax on that income. There are only a few non taxable plans out thier and they are for svaing for college, or higher eudcation etc. If this account was given to your children, and you deposited the money for your own personal gain, you are in serious trouble. If you want to save money for your childs highereudcation etc. Check out a NC529 plan.
Give your son the amt that you started with and you keep the profit.
generally it's taxed as the minor's income
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