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Posted by Christofori on March 20, 2007, 1:38 am
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I was wondering that my dependant's capital gain or loss can
be claimed as my gain or loss or should the capital gain or
loss be realized through the seperate filing?
Thanks in advance.
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Posted by Phil Marti on March 20, 2007, 3:05 pm
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> I was wondering that my dependant's capital gain or loss can
> be claimed as my gain or loss or should the capital gain or
> loss be realized through the seperate filing?
If a Schedule D, line 1 or 8, transaction is involved, it
must go on the dependent's return. If the only thing
involved is mutual fund cap gain distributions and "Kiddie
Tax" applies, you can elect to include the child's income on
your return.
See the 1040 instructions.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on March 20, 2007, 3:05 pm
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> I was wondering that my dependant's capital gain or loss can
> be claimed as my gain or loss or should the capital gain or
> loss be realized through the seperate filing?
Capital gains and losses are reported on the tax return of
the person realizing those gains and losses. This is true
even for parents of a minor child.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by bono9763@yahoo.com on March 20, 2007, 3:05 pm
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> I was wondering that my dependant's capital gain or loss can
> be claimed as my gain or loss or should the capital gain or
> loss be realized through the seperate filing?
You can claim your children's interest and dividends, but
not their capital gains. If the gross proceeds were more
than $850, they will have to file their own returns.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Rich Carreiro on March 21, 2007, 1:27 pm
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> I was wondering that my dependant's capital gain or loss can
> be claimed as my gain or loss
It can't.
> or should the capital gain or
> loss be realized through the seperate filing?
It must.
Only if the dependent's income is all interest and dividends
(and maybe capital gain distributions -- I haven't checked)
do you have the option to include his income on your return.
However, you will never be better off doing this even if
you are able to.
If there's an actual sale of securities, the dependent must
file his own return.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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