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To: Sweet Ol who wrote (83249)4/18/2007 9:48:39 PM
From: Paul Senior  Respond to of 206326
 
about: "I have a lot of SJT and HGT and the K-1's are no big deal."

We got to be very clear though on where these stocks are held. For you, in taxable account, okay, nbd.

Wyatt Gwyon, others (me) might be holding these in an IRA.

I give my opinion, but I am no tax expert or knowledgeable person:

If you have more than $1000 of income from K-1's in an IRA you run afoul of the UBTI thing: Partnership income treated as "Unrelated Business Taxable Income". So a possible surprise: You may actually have to pay taxes on this income that's received in the IRA.

trustetc.com



To: Sweet Ol who wrote (83249)5/16/2007 4:27:06 PM
From: Paul Senior  Read Replies (1) | Respond to of 206326
 
HGT: That's it for me: a year and a day and now out. The K-1 filing process stuff (as a USA citizen under USA fed. taxes) just isn't worth it to me, esp. for my small positions.

OTOH, I started a small buy of BPT in an IRA. Will try to keep total income from such entities below $1000 so I don't have to deal with dreaded USA fed tax issues related to UBTI.


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