My children (ages 17, 15, and 13) each have UTMA and UGMA accounts in the state of Georgia. I would like to cash in the accounts to help pay for their private sports lessons, car, car insurance, summer camp, and team sports. If I cash them in, who is responsible for the taxes on the accounts? A lot of these expenses have already been paid for out of my pocket. Can I use the funds to retroactively reimburse myself for what I had to spend? And, do I need to save receipts or cancelled checks to verify the expenses?
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