nexchap,
Thanks for the reply. I have owned many MLPs longer than I have used TT. I have been trying to go back and create a spreadsheet with all the suspended losses. I am pretty confident all the years where box 1 was negative is a suspended losses, but I am not sure about all the other boxes. I used depletion as an example, because I saw it specifically mentioned in one of the K-1s as if it could offset income in the current year, but for the life of me I cannot figure out if it can or cannot. But even if it cannot be deducted in the current year I want to know if it can be when I eventually sell other MLPs. Plus there are lots of codes for Box 20 and other boxes like Box 13.
I am trying to understand what is a suspended loss and what is not. On just 1 MLP there are multiple codes for Box 13 and Box 20 and those codes break down to more sub codes. For example in my Box 20 one of the codes is T and then there is T1, T2 and so forth. How in the world do you know which if any of these is a suspended loss and where that loss would eventually be reported.
I guess while I am on the subject I also have a question about the foreign tax credit. There is a Code C for Gross Income sourced at partner level and a Code P for Total Foreign taxes paid. But are you allowed to take the Foreign Tax Credit on an MLP or is a suspended credit until you sell the MLP.
