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I have a UTMA investment account with Vanguard, which is

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Hello, I have a UTMA...
Hello, I have a UTMA investment account with Vanguard, which is under joint custody between my father and I. All funds are invested in a single mutual fund. I am several years past the age at which the ownership of the funds can be transferred to me, although I have not yet made the transfer. The funds are still in the old UTMA account. I am looking to transfer those funds to a personal account at Vanguard, but before I do so, I want to make sure that when I transfer the funds, it will not trigger any unique tax situation or additional taxes that I would have to pay above the normal dividends and capital gains I have been paying for years. Thanks a lot.
Submitted: 1 year ago.Category: Tax
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8/16/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,388
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. As long as the investments remain in the single mutual fund there would not be any additional taxes besides your normal dividend distribution and capital gains. If you reposition your investment then there would potentially be additional capital gains.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any additional questions or need clarification. I am happy to help.

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