If you want to do it by the book PTP's/MLP's are a nightmare. Many states have no minimum threshold for filing and you may have to deal with apportionment on your home return. It is easy to think it is no big deal when you have losses each year. When you sell however you will have to deal with calculating your cumulative adjustment to basis, Section 751 recharacterization of gain or loss (hot assets) and you will also receive a listing of states requiring non-resident apportionment of the gain/loss to their state. You will also have to correctly track the yearly carryforward losses which as mentioned by Rick19744 can only be used inside the individual MLP "Canister" until full disposal. Don't make the mistake I did and fall in love with the advantages of MLP's without recognizing the substantial burden you will be placing on yourself.
