IRS Stance on Your Child’s Investment Income:
So you gifted money to your child or payed them and invested the money for them. Did you realize that the IRS sees through attempts to have investment income taxed at lower rates by moving investments into your childrens names? Below is a tax tip from the IRS on this subject.
What Parents Should Know about Their Child’s Investment Income
For assistance from an experienced CPA to prepare your tax returns or amend prior returns give call me or email me today at:
Jeff Haywood, CPA
I prepare the following types of tax returns:
Federal and State Returns
Also, I am available for tax planning and discussions about business, retirement planning and life goals.
For more US income tax content see the following links:
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As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.
This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.