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Get your taxes done using TurboTax
1) You've got it, except that I don't think column G (on 8949) matters unless you're adjusting a 1099 where the broker reported the cost to the IRS. In this case, they didn't.
2) Yes, you're basis will approach 0 much faster than you expected. But all those losses will accumulate and be available when you completely sell your EPD holdings, or to offset income from the partnership or Ordinary Gains on partial sale. You can see the mechanics in Form mode, if you look Section A of the K-1 that TT populates.
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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!
March 2, 2021
6:38 PM