Schedule K-1 for ProShares UVXY Futures

[jcsmile312]

I am filling the schedulek-1 for ProShares UVXY VIX short-term futures. When review the return, the TurboTax desktop version is asking me to fill information for form 6252 which is used for property sales. The UVXY is ticker traded in security exchanges. It is not house. Is this a problem with the software?

My TurboTax version is TurboTax premier 2023.

[taylorbrown30]

A Schedule K-1 used by partnerships, S corporations, and estates and trusts to declare the income, deductions, and credits that partners, shareholders, and beneficiaries have received in the tax year.

A 6252 is for Reporting Installment Sales.

Neither of these should apply to the what you have described. It sounds to me like you should not be using a K-1, are you in a Partnership?

[Mike9241]

That's a publicly traded partnership. It's unlikely there's an installment sale.  did you import the k-1?  if so, you'll probably need to delete it and enter manually from the actual k-1. something might have been coded improperly in the import file. did you sell your interest in it. Installment sales are no longer allowed for publicly traded stocks.

I have no access to a simulated copy of the k-1, so I don't know at what line you are hitting that Turbotax question, or do I know what's reported on that line. Perhaps you can provide the line number and description or more information - amount is not needed.

if you sold your interest there is a supplemental schedule accompanying the k-1, not importable, that gives the detail for reporting the gain/loss on sale. 

[jcsmile312]

The UVXY is a stock. But they did send me a schedule k-1 form.

[jcsmile312]

I guess the schedule k-1 was not coded right. 

[Mike9241]

while traded like a stock it's a publicly traded partnership (BOX D on K-1 checked) and you report it on your tax return like you had an interest in a partnership which means entering the k-1 info. if you don't expect a notice from the iRS. your tax basis in it is affected by the income, loss, deductions and distributions reported on the k-1.