Ok, think I understand... the tax rate depends on parent's rate. So, if the gains are short term, those higher (parent) rates will apply even if transferred and sold by the child...
I did try using Turbo tax and with a little bit of back and forth, one can come up with the amount of LTCG required to maximize the credit. The desktop version of TT seemed to be more clear than the web version, imo.
Does the parent have to wait for the gains to become LT before transferring or can it be done earlier and the sale from the studen't account occur after the gain becomes LT?
I did try using Turbo tax and with a little bit of back and forth, one can come up with the amount of LTCG required to maximize the credit. The desktop version of TT seemed to be more clear than the web version, imo.
Does the parent have to wait for the gains to become LT before transferring or can it be done earlier and the sale from the studen't account occur after the gain becomes LT?
Statistics: Posted by just_learning — Tue Aug 27, 2024 9:47 pm — Replies 54 — Views 11443