Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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From: Elroy	4/7/2024 9:15:52 AM
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Further to my experience this year with NGL options and such, I spoke with Tax Package Support (the service provider that tracks capital paid for MLP units, and manages (and I think creates) K-1s), and they indicated that for NGL units which I bought in 2023 as a result of exercising an in the money call, before expiration date, the Capital Contributed by me, as reported by TD, was zero. ??? In plain English, TD told the tax company that when I bought NGL units as a result of exercising a $2.50 NGL call, I paid zero for those units. The message is if you bought any MLP units via options, I would check your K-1 carefully. Tax Package Support agreed the zero cost made not sense, and they accepted my cost basis number and issued a new K-1.

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