@sparky8 I don't have a specific publication reference handy, but if you want to get deeper into the subject you'd read up on "portfolio income" vs "passive income". Capital gains/losses that result from you trading stuff in your portfolio is one example of "portfolio income". The stuff a MLP reports on their K-1 is an example of "passive income". The issue is that passive losses (e.g., the box 1 loss from MLPs) can only be used to reduce your other income in very specific circumstances, and offsetting portfolio income is not one of them.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
