Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.