Hi! Need some help with properly reporting my gains from USO ETF to avoid double taxation
Context: I purchased all my USO shares in 2020 and received a K1 and reported "gains in my 2020 tax return (even though I did not sell any shares in 2020). I sold all my USO shares in 2021 and have received a final K1.
Questions:
1. Should I enter my K1 as it is? how can I indicate the short term portion and long term portion? 90% of my USO shares have been held for more than one year at time of sell, therefore I think should be considered as long term gains. However, I can't indicate this when entering the K1.
2. Should I also enter the 1099B? do I need to adjust anything? in 2020, I did pay tax on ~$2K "gains" (I did not sell any shares in 2020 but it is considered as income in 2020 K1). Do I need to do anything to avoid double taxation?
