Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I just found out about an account opened under the UTTMA for my wife when she was a minor (now 27) -though I don't think she has control over it as my MIL still appears as the custodian on the account. All I have a a few random statements I was given by my MIL (not known for her keen organizational skills). It appears that taxes (would be owed on the income each year (by my wife) in the past that we didn't know it existed and I have no idea what the cost basis.

Anyone know of a plain language explanation of what to do when you find out about "lost" (in this case unknown) assets and how to treat them once discovered. The total value is under $2K which really makes this just a hassle not worth the work...wouldn't be so bad if there was another comma and we found out about the mythical "rich uncle."

Thanks.

FNB
Print the post  

Announcements

Disclaimer:
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.