archbish99 wrote:Dad's investing was... erratic. He traded a lot of "stocks," and didn't know that several of them were actually shares in publicly-traded partnerships. While I could go back and get the list of everything he traded in 2012, I'm not sure how to quickly determine which of those are PTPs either. It's not an investment I've ever dealt with.
Most of them were held for a few days and were resold with minimal capital change, if any, so he doesn't even remember the majority. (This brings us back to why he's not managing their investments now.)
2beachcombers wrote:Make sure these are all from taxable accounts. Look for UBTI, code V. also for deferred accounts.
So far i have received 3 MLP's this year and all UBTI's are negative.
In deferred accounts, the sum of the UBTI's has to be greater than $1000 to be taxable
.http://www.ehow.com/how_5873375_report- ... count.html
pshonore wrote:Not sure I would amend the return but I would make sure that your software had all the latest values for the K1. i would also check because the situation you describe is very unusual for PTPS. Is there a positive number in Box 10 (Section 1231 gain)? Losses from one PTP cannot offset lncome for another so in effect only positive numbers get used.
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