In March 2020 I bought 600 shares of USO Fund for $33,000. I sold them recently for $48,000.
I am reposting this question thinking that I was not clear the 1st time. I rounded the figures to make it easier to follow my situation.
I received Schedule K-1 for tax years 2020 and 2021:
Line 11c, Other income (loss) has -$13,000 for 2020 and +$13,000 for 2021.
I like to know what is my tax liability in concept without going through actual calculations for each of tax years 2020, 2021 and 2022.
I am getting conflicting answers from different people. Someone in this forum says that the loss in 2020 is ignored, but the gain in 2021 is taxable (even without selling the shares in 2021). A CPA tells me that the loss in 2020 must be carried over to 2021 to cancel the gain in 2021. And tax have to be paid in 2022 on the gain due to sale (on $15,000). I would like to be sure what is the CORRECT answer.
Lesson learned: Never buy USO or any other Partnership Fund, just stick to "real" ETFs!
