quarkcharm
Junior Member
Hello experts! I have a question that I hope someone can help me with: my wife and I just sold our house (we expect to close end on Nov.). We hold title as custodians for our daughter under the UTMA. Our daughter is now 24, and we've owned the house for 7 years. Does our daughter have to pay tax on the capital gain, which is about 35K? Will the IRS be aware of the sale? What should she/we do? I appreciate all input! Thanks, Quarkcharm