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Business & farm
@moleratcaptain Purchases or sales in an IRA, whether of a PTP (like ET) or a regular stock, are not reported. The IRS doesn't care. They're going to tax your withdrawals, and don't care how many transactions took place along the way.
Your confusion may come from reading about UBTI (Unrelated Business Taxable Income). This has nothing to do with buying and selling. If you look at the line 20 codes for ET, one of them will mention UBTI. If that number is over $1000 (summed across all holdings in the IRA) then the IRA custodian has to file a return. That's not something you do through Turbotax, but if it applies you probably want to talk to your custodian about it.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 12, 2022
10:50 AM