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Author: RhinoRik Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Never filed for daughters gains Date: 12/14/2001 2:27 AM
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My sister has never filed a return for her daughter (now age 10). They have a UTMA account for the daughter invested in stocks and mutual funds which have dividend and capital gains income of over $2000 per year. I have told her she needs to file a return to claim these gains and pay taxes.
My question is: Is there a statute of limitations? Or can the IRS still try and collect the taxes due over 5 and 10 years ago?
Also, Can they still file a return for all of those years? Or is there another form they should file to catch all of this up?
Thanks for your help
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