@nexchap ,
I am seeking help from your expertise.
I bought shares of USO in 2020 and still holding the shares in 2021. Now, I received K-1 with positive number in Box5, 6a, 11C, and 13W. My questions are:
1) Since I am still holding ALL of the shares that I bought in 2020, do I still have to report the the K-1 in my tax return since I didn't receive any actual gain or sell any share in 2020?
2) If I do have to report these K-1 numbers in my 2020 tax return, do I have a chance to adjust my cost basis (as per your instructions above) in future tax return year when I sell the shares to get my extra money paid in tax back?
Looking forward to your help and direction! Thanks a ton in advance.
