Form 8938 Deposit Vs Custodial Account

Technical topics regarding tax preparation.
#1
Posts:
310
Joined:
13-Feb-2017 3:50pm
Location:
California, USA
In Form 8938 Part V, there is a question whether the account is 'deposit' or 'custodial'.

For a brokerage account that holds stocks, is it considered a 'deposit account' or a 'custodial account'?
 

#2
Posts:
404
Joined:
7-Jun-2019 10:47am
Location:
West
Custodial. The stock broker holds custody to the investments held in the account.
 

#3
Posts:
100
Joined:
24-Jan-2020 3:42pm
Location:
Pacific Northwest
I agree with dellpaul. And here is the support: Reg. §1.1471-5(b)(3)(ii).
 


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