Hello Mike9241,
I appreciate your response, but I am still struggling with this and what I need to enter. Obviously, getting into an MLP is way beyond my expertise and I should have just stayed with stocks.
In reading back through your first paragraph, I made my initial purchase on 9/28/2011 and a second purchase on 5/17/2012. I received distributions (dividends) quarterly up until 2/12/2016 that were always reinvested in new shares. This is the only sale that I have made and it was to liquidate the shares and get out of the MLP. I have owned shares in the MLP for a little over 11 years, which is 12 years too long in hindsight.
I have been using TT Premier every year to file my taxes based on the K-1 provided the company. I even had someone at TT audit my taxes the first year just to make sure I completed them properly. He found no issues and said everything looked great. I do not understand the negative amount in column 6 and how I could have misreported in prior years. The company was close to filing bankruptcy a few years ago, so it had a lot of losses. It changed CEO and CFO and then started on a course of recovery. Eventually the price went up enough for me to liquidate before then of 2021 to finally get out.
I checked the following buttons/boxes:
- Limited Partner or Other LLC Member
- Domestic Partner
- This is a publicly traded partnership.
- This partnership ended in 2021.
- Complete disposition
- Sold Partnership Interest
Enter Sales Dates:
Purchase Date: 09/08/2011
Sale Date: Would this be the date I initiated the sale (11/22/2021) or the date the residual shares were sold (11/24/2021)?
Regular Gain or Loss | AMT Gain or Loss |
| Sale Price: __________ | |
| Selling Expense: __________ | |
| Partnership Basis: __________ | Partnership Basis: __________ |
| Ordinary Gain: __________ | Ordinary Gain: __________ |
| 1250 Gain: __________ | 1250 Gain: __________ |
I am still trying to figure out what to enter in these fields, especially considering that my 1099-Bs were downloaded from my brokerage firm.
From your response:
for the k-1
when you get to the sales price only enter the amount in column 7 (column 2,228)
cost = 0 (is this Purchase Price / Initial Basis Amount column 4?)
ordinary income same as column 7 (is this Ordinary Gain?)
all this will flow to form 4797 line10 and be taxed as ordinary income
- Is all of this entered under Regular Gain or Loss?
-What about AMT Gain or Loss?
I kind of follow what you state in your response regarding my 1099-B, but I do not know how to go about adjusting the 1099-B form in TT. This is my first sale of a MLP and I have never encountered any of this before.
I appreciate any help and guidance you can give me. Thank you!
