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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (118773)6/26/2009 1:12:01 PM
From: TRINDY  Read Replies (2) of 132070
 
Greetings. Long time, but I'm still around.

In 2007, I thought I made about $1000 on a trade of UNG, but found out at tax time that I got an I-9 statement saying that I was responsible for $5000 in income to the fund that they don't distribute. Thus, it worked out that I had a $4000 loss after change of my basis. My wife was furious and now won't let me invest in ETF's. Admittedly, I didn't do my due diligence to find out that UNG never makes distributions, but sticks you with any gains and certainly all of the costs. Are you aware of this practice and how should one contend with it for tax purposes?

Thanks.
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