Katie wrote:
- quote -

I agree that it is possible that he never sold anything so
there are no 1099-B's that ever happened.

The surviving stocks in his prtfolio might hve some
appreciation potential. Use "Value Line" to estimate their
worth and future growth.

- quote -

That's a good move, and in the long run consider it.

//////later:

- quote -

I don't think that it would come to your being put out.. I
think that if you go there, and live there, and remain of
sound mind for the forseeable future, you can live in his
house and carry on pretty much normally. (You mind is what
is at issue, disabled or not.) Just my off-hand opinion.

AJC.

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rog350[at]webtv.net wrote:

- quote -

From your account it dosen't look like your dad has enough
income to owe any taxes. Since he has not sold any stock
there is no cap gains.

You may want to check with social service in his area to see
if there is anything they can do to help.

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Andy ......

What do you mean? if I am disabled and move in to take care
of my dad and a social worker deams my dad confused his home
and estate could be liquided and we could be put on the
street? this doesn't sound right?

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rog350[at]webtv.net wrote:

- quote -

Your dad does not have any losses to report on his
investments unless he sold them. If he has no income other
than his Social Security, he probably does not have a filing
requirement for any of the years since 2000.

If he sold stocks from the account in 2000 or later years
and realized losses, he would have to file returns for those
years to establish the losses. Up to $3,000 of a net
capital loss can be deducted each year to offset other
income. Again, if his only other income is his social
security, he probably does not have a filing requirement
anyway.

I agree with others that you should probably get a durable
power of attorney so that you can manage his affairs if he
becomes incapacitated.

Katie in San Diego

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Andy replies:

it might be a good idea for you to get a durable Power of
Attorney from him so that if he does become incompetent, you
can act for him.

Florida has a rule that one cannot be a guardian for a
Florida resident unless the guardian himself is a Florida
resident. Also, certain courses are required to apply for
this.

If your father is judged incompetent by a social worker, you
can act for him only if you have a Durable POA. Otherwise,
the court will appoint a guardian who may or may not have
both his and your best interests at heart. Typically they
liquidate everything the ward has and incur charges up to
that amount. When the estate has been rifled,they then apply
for Medicaid and put the ward in the cheapest nursing home
they can find.......

If you have a durable, you can move your father to another
state and liquidate his assets yourself...... if that's what
you want to do......

Or, you can just wash your hands of the whole deal and write
his estate and how he lives the rest of his life out of your
mind....

Andy

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rog350[at]webtv.net wrote:

- quote -

I am sorry for the losses involved.
If he wasn't capable in 2000, I'd have to ask who traded the
account at the time? I don't know the statute of limitations
on such losses, but in 2001, I'd have suggested there was a
claim to be made as far as suitability of the investment.
The rules of thumb indicate a lower portion of one's money
in stock, and certainly a lower risk portfolio for a retired
person that age. The S&P index is less than 10% off its high
after accounting for reinvested dividends.

The late returns - you have three years to file to get money
refunded, but the IRS has unlimited time to collect on money
due from unfiled returns. The losses are limited to $3K per
year but could offset any capital gain he might have had on
current holdings.

The 35K in gold mining stocks is money that should be in
cash. By cash, I mean treasuries spread out over 1-5 year
maturities.

With no other income I don't know if his social security
would even have been taxable, so filing the old returns may
very well be a moot point.

JOE

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My dad is in his 80's and lives in Florida some 1500 miles
from me. Before the stock crash of 2000 he had over 250K in
a discount brokerage account. As the market crashed he
held on till his account went down to around 20K. He still
has this account and with about half gold mining stocks it
has come back to around 35K.

His only other assets are his paid for 50K condo and a few
thousand in a non interest bearing checking account that his
$1500 a month S.S. goes into. The stock account has his
name on it with mine name ROS. I myself am disabled and
live on $700 monhly S.S. My dad has gotten very confused
since this loss and does not trade or touch his account but
does'nt seem to want to liquidate it either. My greatest
concern is I don't think he has filed any tax returns since
his tremendous loss. I don't believe he is even capable and
nor am I. I have no idea what direction to take here or if
he would go alone with any advise anyway. I wonder if this
loss can be used against the sale of these stocks in part or
in whole? now or after his passing? Could I or his estate
be liable for his failure to file since 2000 because of his
lacking mental capacity to do so? Seeing his and my incomes
are so limited do I have alot to worry about anyway? If I
could would it be wise to have him sell off these stocks
seeing they are the only asset held that seems to be
appreciating although very little?

Sorry to ask so any questions but this is very upsetting to
me and just don't have the know how to tackle this and
wonder if I can get him to act on anything? he just does'nt
seem to care anymore. Any advise would be truly
appreciated as I am not able to afford legal advise and
would like to hear from different informed sources anyway.

Thanks For Taking The Time To Read My Difficult Situation
With No Simple Solution ...

Richard

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