I'm considering investing in a publicly traded partnership and trying to figure out how complex it'd make my taxes. To help judge, I got a sample of a K-1 form from last year. There's info in Part III for lines 1, 5, 8, 10, 13U, 13V,
17A, 19A, 20A, 20P, and a list for 20Q. I've been using TurboTax, and (except maybe line 20Q) it seems to cover pretty much everything that's in the K-1 for filing IRS
1040. The partnership seems to have no operations in my state (California). My question is how to track the basis. Part II line N has the "Tax Basis" box checked. Does this mean that the K-1 forms keep track of the basis over the years for me? Any other tax gotchas to look out for?
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