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FBO/UGMA mutual fund

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FBO/UGMA mutual fund  Reply with quote  

I have an FBO/UGMA mutual fund account set up in my daughters name. She recently turned 18 which makes the account legally hers. We would like to redeem all shares (to use for college expenses).
What is the best way to redeem shares to avoid the most tax penalties? Can I redeem the shares being that it is legally her account now or is it better for her to redeem shares?

Thanks in advance!
Post Sat Jan 07, 2012 5:03 pm
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There's a paragraph at the end of this article that addresses the tax issue:


Post Sat Jan 07, 2012 7:18 pm
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