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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: vireya who wrote (51882)	7/12/2013 11:14:16 AM
From: Schnullie	1 Recommendation Recommended By vireya Read Replies (1) \| Respond to of 78666

The primary problem for me is that the labels contained in the boxes on the K-1 do not align with anything asked for by TurboTax or other tax programs, nor can I correlate them directly to information required on the 1040. Adapting an intuitive approach by reading through each of the dozen metrics is futile, as the descriptions in the pamphlet that accompanies them are ambiguous and confusing to my non-accountant understanding. A second problem with K-1 partnerships is the requirement that the basis be reduced by the amount of a portion of the distributions over the life of my ownership (at the time of sale). I keep pretty close track of distributions but I need this level of bean-counting like a hole n the head. I make what I regard as a reasonable effort to dutifully report my K-1's but don't really sweat it and know that they are only roughly accurate. I recognize that most IRS auditors know less than me, as indicated by patently incorrect guidance they have given me over the phone and the non-response to incorrect data I have provided in my returns. I have sold them in a taxable account without reduction of basis (gasp!) due to a combination of sloth and ignorance, now try to sequester them all in an IRA. Slothfully, Schnoolie