Hi All,
I have a similar issue where I bought two ETFs (GSG and UCO) and held them for anywhere from 2-3 years and took a huge loss of $38k on them in 2018. I do not recall ever receiving a K1 and had no idea I was ever considered any Partner as all I did on these was hit buy or sell via my Merrill Lynch account. I bought in 2015/2016 and sold in 2018 which was a long term hold for all. I just got a form CP2000 from my 2018 tax return that says I owe over $23k in short term capital gains taxes and a capital gain of $43k plus interest of $2k for 2018. I never received any of this money and am now totally sick about how to handle it. I have to respond to the IRS letter and then figure out how to amend my tax return for 2018.
Please advise of your thoughts and advice as to how to proceed.
Thank you,
Tim
