Hi. My situation is with a K-1 for a publicly traded partnership. I started the year with 300 units, and totally disposed of that ownership during the year at a loss. However late in the year, more than 30 days after the disposition (to avoid wash rule), I bought 500 units and held to year end. So I have two distinct holding periods. Ideally I would have a K-1 for 300 units with full disposition for the first holding period and another K-1 for 500 units with new ownership and no disposition at year end.
Unfortunately I only received one K-1 with everything commingled. I contacted the TaxPackageSupport help line and the representatives claimed that their systems cannot split the commingled K-1 into two distinct period K-1s, plus the typical yadda yadda yadda about professional tax advice etc., which I was not requesting.
Obviously the reason I am motivated to get this done is because I want to rightfully and perfectly legally realize my tax loss in the first holding period, which is not happening with a K-1 for continuous ownership.
My solution would be in TT to do two K-1s for this MLP. To get the right figures I would use my trading and distribution records, plus allocating the 2023 internal company performance (Boxes 1 through 13 of the commingled K-1), to arrive at the right cost basis for the disposed ownership and right figures to populate each box for each of the two distinct K-1s.
Question: does TT professional have experience handling a similar issue and what insights and tips can you provide?
Thank you.
