Articles of Faith
2 We believe that men will be punished for their own sins, and not for Adam’s transgression.

But wait, read what the D&C says about making restitution for sins.

D&C 98
47 But if the children shall repent, or the children’s children, and turn to the Lord their God, with all their hearts and with all their might, mind, and strength, and restore four-fold for all their trespasses wherewith they have trespassed, or wherewith their fathers have trespassed, or their fathers’ fathers, then thine indignation shall be turned away;
48 And vengeance shall ano more come upon them, saith the Lord thy God, and their trespasses shall never be brought any more as a testimony before the Lord against them. Amen.

So my question is...
Are we punished for our own sins only or also for our fathers' sins? Will I need to make restitution for every bad thing my parents did?
Now, I know that a simple "no" is the answer I would get from most Mormons, who would not want to give this any serious thought. BUt I would like a 'real' answer. What other Scriptural references or General Authorities talks would explain this better?

JOEL - First of all we need to clear up one item related to the 2nd Article of Faith. The purpose of that article is to make clear that the LDS Church does not believe in the so-called "Original Sin" doctrine, common to many other Christian faiths. We don't inherit Adam's "sin" when we are born into the world. Being in an innocent state, not knowing good from evil, Adam was incapable of committing any kind of sin, although he did transgress a comandment of God. It is true, however that we are all punished for our own sins and not for someone elses sins including those committed by our fathers, although in life we may suffer the consequences for the sins they committed.
We need to remember in these D&C verses that God is talking specifically about those and the fathers of those who were tormenting and persecuting the saints at the time this was written.
Verse 47:
"But if the children shall repent, or the children’s children, and turn to the Lord their God, with all their hearts and with all their might, mind, and strength, and restore four-fold for all their trespasses wherewith they have trespassed, or wherewith their fathers have trespassed, or their fathers’ fathers, then thine indignation shall be turned away;"

The Lord here is telling the saints that if those who have sinned against them repent and restore all the bad things they have done or that their fathers did to them, then the anger of the Saints should be turned away from them. This scripture is about how the saints should treat the repentant sinners.

Verse 48:
"And vengeance shall no more come upon them, saith the Lord thy God, and their trespasses shall never be brought any more as a testimony before the Lord against them. Amen."

Verse 48 tells those who have repented as instructed in verse 47, that "their" own trespasses will not stand against them at judgment day. It does not say that the trespasses that their Fathers did will not stand against the fathers. The fathers will still be judged and punished accordingly.
It's not that they are required to make restitution for what their fathers did, but by repenting and restoring what the saints had lost and stopping the hostility, the enemies of the church would not only save themselves, but at the same time wipe out the effects of the bad things their fathers did as well. The bottom line is that they must put an end to the persecution and not let it continue from one generation to the next.