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Figuring out taxes on UTMA account (inherited/TOD)

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lmbebo
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Figuring out taxes on UTMA account (inherited/TOD)  Reply with quote  

Hello

So my wife got access to her UTMA account today. We were looking at options of using to help pay off a lot of the funeral costs we had to incur.

She was told she may incur capital gains taxes. From what I read a lot of it depends on the age of the account, our tax bracket, etc.

So I guess fidelity because of her new name (marriage) created a new account for her and transferred everything over. So we have no idea how that would be handled in terms of potential taxes. cannot find how old the account was before or what was originally put in.

Thanks
Post Thu Jul 23, 2015 2:52 am
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lmbebo
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Never mind. They are long term investments and will be taxed at 15%.
Post Thu Jul 23, 2015 3:49 am
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clydewolf
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quote:
Originally posted by lmbebo
Never mind. They are long term investments and will be taxed at 15%.

The capital gains could be taxed at 0%.

If your highest tax rate is 10 or 15% the long term capital tax rate is zero.
Post Sat Aug 22, 2015 8:32 pm
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