My USO fund experience a bit more (maybe a lot more) complicated. I bought $16000 of USO fund through my Schwab brokerage account in early 2020 and I sold everything in early 2022 for $22000. Here are the numbers for three years from Schedule K1's. I will be ignoring the several small amounts (less than $200) on three K1 schedules and present you only the large amounts (rounded to nearest $100 for simplicity):
K1 2020 Box L values: Capital contributed $16000, Current year net loss -$6400, Ending capital account $9600. Box 11 Other loss (code C) -$6400
K1 2021 Box L values: Beginning Capital account $9600, Current year net income $6600, Ending capital account $16200. Box 11 Other income (code C) $6600
K1 2022 Box L values: Beginning Capital account $16200, Current year net income $5800, Ending capital account $22000. Box 11 Other income (code C) $5800.
2022 Sales Schedule from USO is showing Cumulative Adjustments to Basis of $6000 and Cost Basis of $22000. However, Schwab 1099A is showing $16000 basis and $6000 capital gains.
I think I am going to have to amend 2020 and 2021 returns, because I had ignored the lose in 2020 and the gain in 2021 thinking that I didn’t sell any shares in 2020 and 2021. Yes, I made a mistake. Now I am trying to do my 2022 taxes. What is my taxable gain for each of three tax years 2020 through 2022? I will never buy a LP fund again. I didn't know USO was LP fund until I saw the postings here. Please help!
