I have owned shares in an MLP since 2007. I have to say honestly that I don't know whether this has been a good investment or not - it has appreciated in value and has thrown off income AND losses over the years, but I think I need to evaluate how this has impacted my bottom line from a tax perspective, because I don't know.
How are gains from the K-1 treated? Do they add to ordinary income? What about losses? From earlier in this thread there is discussion about losses going into
"purgatory" (i.e., accumulating) until such time as they can be used.
Can I only apply passive losses against passive gains from this MLP?
Thanks in Advance.
