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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My daughter is 21, in college, is my dependent. When she receives

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My daughter is 21, in college, is my dependent.
When she receives capital gains/losses
Should these be reported on my tax return or on hers (she has a part-time job and usually makes about $3k/year)
Thanks

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

Your daughter's income should be claimed on her own tax return, as she is the one who earned it

Customer:

just fine - thanks

Customer:

ok - thx

Megan C :

Therefore, her capital gains will be on her return. If they aren't very large, given what you've told me she will probably have a rate of 0%

Megan C :

If she's in the 10-15% tax bracket capital gains are taxed at 0%

Customer:

ok

Megan C :

Is there anything else that I can help you with today?

Customer:

nope we are good - thanks

Megan C :

Okay then, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C and other Tax Specialists are ready to help you
Thanks, Andrew for your positive rating. Please come back and see me any time you have a question that needs answered. It was a pleasure working with you today.

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