Wow, thank you for this answer, and I opened the BPT tax booklet and read the information there. I have a further question. My tax summary statement from my broker shows income by quarter and expenses by quarter. Can't I just use those numbers to calculate the admin expenses for Schedule E? And TTax calculates a depletion allowance for me. Can I use that instead of the schedules shown in the tax booklet? And since the brokerage reports income and expenses by quarter, I should use the Part I instructions if I were to calculate the income, expenses and depletion for myself?
Also, you mentioned keeping track of depreciation for the time at which I sell the shares of BPT. Did you mean depreciation or did you mean depletion? I am not showing depreciation anywhere.
And again, thank you for the response.
