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I have withdrawn my UGMA investment. How do I report this on my income taxes?


I have withdrawn my Uniform Gift Minor Act (UGMA) account. How do I calculate a cost basis. What, and how do I report this information on my 1040 return.

Thank you

Presumably the UGMA was invested in something. The year that the item is sold, you will get a 1099-B.

Hopefully your account statements will show your basis so you can report something other than $0 under the cost basis on your schedule D.

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