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

To: Elroy who wrote (62231)	7/24/2019 10:15:15 AM
From: Paul Senior	Read Replies (3) \| Respond to of 78462

MLP/Turbotax, ot: What seems easy or straightforward to you guys (ie. perhaps EKS too) turns out to be difficult/irritating to me. My broker's gotten better at reporting MLP sales (more like not reporting), so that I don't have to now fix double reporting (on the Schedule D (brokers form 8949) and also the Turbotax mlp section). I've stopped chosing which lots of an MLP I'm selling, and just use FIFO, so that aligns with what the MLP reports (They just assume first in, first out, afaik.) My wife's ira has just a few hundred shares of a couple of MLP's and this year the broker sent a 990T to us, saying she had $700 in UBTI. Doesn't meet the $1000 level to where taxes have to be paid, but it's an unusually high amount none-the-less (for such few MLP dollars invested) and a surprise. Which suggests that in my ira account, with more MLPs, I might one day see a large unrelated business expense number. I wouldn't like that. (If I recall right (not sure), my broker as trustee will charge $300 to fill out the proper forms and pay the taxes out of my account.) I'm sticking with the mlp's I have, such as CODI and EPD others because I like their business prospects, but I'm not going to be adding any more shares or shares of other mlp's unless they seem to be irresistably attractive.