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Get your taxes done using TurboTax
@Willie12 -- I think the only way that could happen is if your "Cumulative Adjustments" are more than you actually paid for the units. And if that's that case, you probably have problems in prior year returns.
Basically, your basis in the MLP can't drop below 0. While its above 0, you fill out your returns as normal. But once it hits 0 (which you have to determine yourself, based on your records -- the partnership does nothing to help here), you have to fill things out differently. And you also have to keep your own calculations on what your **bleep** Adjustments are.
This is where I suggest getting a CPA to help sort it out. The rules are complex and require tracking both your capital as well as your share of the MLP liabilities.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎June 26, 2019
1:28 PM