Re: Ownership Schedule?

This sounds more like a partnership, not an ETF.

The ETF in question was UUP (dollar bullish fund).

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You do need to review > the Schedule K-1 you receive from the investment, because there may be > income or deductions you need to report in other parts of your tax > return (Schedule E, Form 4797, Schedule B are common forms you will > require). The sample is to show you where on the return various > elements of the K-1 go. And you may need to include a statement in > your tax return with the purchase, and another one with the sale. > These are usually printed (in very small type) in the instructions, > sometimes in a box. The basis of the security may need to be adjusted > following the instructions because some gain may need to be reported > on Form 4797. Welcome to the bizarre world of publicly traded > partnerships (PTP). while I'm not familiar with TurboTax, I'm sure it > has a place to put all the partnership information. You can also go

to

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look for the partnership site, log in with your name, and get the K-1> information directly. I've noticed that some of them include a> download link to get your personalized information into TurboTax. What a headache...I usually download the information from my brokerageand that takes care of the tax reporting/calculation for all theregular stocks. I thought I was done for the year until I received the Ownership Schedule this weekend. Will have to see if I can figure it all out next weekend.

Thanks for the responses!

Anoop

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anoop
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fund).

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to

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> look for the partnership site, log in with your name, and get the K-1> > information directly. I've noticed that some of them include a> > download link to get your personalized information into TurboTax. >> What a headache...I usually download the information from my brokerage> and that takes care of the tax reporting/calculation for all the > regular> stocks.  I thought I was done for the year until I received the > Ownership> Schedule this weekend.  Will have to see if I can figure it all out > next> weekend.

I think if I invest in something like this, I'll do it in my retirement account, where I don't care about the reporting details.

Reply to
Tom Healy CPA

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