When I was 16, a relative gave me shares of stock in a publicly traded company. They were held in a Uniform Gifts to Minors Act account in my mother's and my name with a brokerage firm. The brokerage firm got bought out by another firm. One day in my paper statements, I found that the brokerage had sold some of my shares, without my consent, to pay for their new "maintenance fees" which pissed me off. I demanded the shares be issued to me in paper form in my name.
So, I had the paper certificate with my mom's name and my name, UGMA. After I turned 18, mom kept giving me the dividend checks when they came. They usually weren't much, maybe $10 a year. I claim the dividends in my taxes. They don't make any difference with my tax liability.
So, last year I was set on buying a house. I decided it was time to sell the stock, while the stock was the highest it's been. That started a new challenge: converting the UGMA account with Broadridge (who services the stock program for the company I owned stock in) to just my name as an adult. I filled out the forms, had my mom sign, and sent the stock certificate in Registered Mail.
Broadridge took the shares and moved them to a new account that they created in my name. After that was complete, I requested to sell my shares, and they sent me a check for under $2,000. That was that.
Now, I'm wondering how this will affect my taxes.
Can anyone help?
Submitted April 11, 2017 at 02:55AM by BCrazy513 http://ift.tt/2om48xG
