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The age of majority when the child should gain control over his/her account is set by the state - regardless when ugma/utma accounts were created.
In Michigan - the age of majority for both account types (ugma and utma) is 18 years - so you should not act as a custodian anymore for your older daughter unless you have POA.
Assuming your daughters are your dependents - and have income only from these accounts - they are required to file if gross income is above $950 (in 2011).
They should be sent 1099 forms depending what type of income was credited - interest, dividends, etc.
If their unearned income is above $950 - they are required to file a tax return - or in some situations you may choose to claim their income on your tax return - you can file Form 8814 - www.irs.gov/pub/irs-pdf/f8814.pdf .
Let me know if you need any help.
Capital losses should be used to offset other taxable income.
Only capital losses above $3000 may be carried over to following years.
Generally the IRS required to file previous tax returns to show these losses and amounts to carry over.
You may not simply apply all losses from previous years.
If you were not required to file tax returns - you still may use capital losses in the current year - but would need to add a note with explanations how you calculated losses and should apply $3000 for each previous year.