Does anyone have suggestion on how to find an MLP K-1 Expert? Be nice to find one online that charges per hour. But it has to be a true expert and fully understands all the box and subcodes and which losses I can suspend into the future. My MLPs for this year have been the worse ever to figure out. Box 11H Subpart F Income other than Section Sections 951A and 965 Inclusions -Where does this amount go? TT does not put it anywhere. Now it gets really tricky: I am totally confused by the amount in Box 11I and hopefully someone can explain it to me. I just bought this particular MLP OZM at the end of 2018 and owned it for less than 2 months and I own less than 20K of this MLP, yet there is over $6,000 in other income reported on Box 11I other income. And all I see looking at my brokerage account is around $250 in dividends from this MLP. If I owe taxes on over $6,000 in other income when I only received $250 from this MLP this has to be the worse MLP ever! Box 11I Other Income (Loss) is broken down into and where I think they go: Net Ordinary Income from ......... Schedule E part II Total Ordinary Trade or Business Divividends 1040 Ordinary Div. Trade or Business Capital Gains (Losses) Net Short- term Capital Gain (Loss) Schedule D Net Short Term Capital Gain (Loss) - Reclassified from Net Long-Term Capital Gains (Loss) Net Long-Term Capital Gain (Loss) Schedule D Both Net Short-term Capital Gain (Loss) and Net Short Term Capital Gain (Loss) - Reclassified from Net Long-Term Capital Gains (Loss) are large amounts and I only owned this MLP for 1.5 months in 2018.
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It is so hard to get information on how to report MLP on a K-1, it seems someone would write a simple article on it. From what I understand you cannot report losses from the K-1 until you sell the MLP. I have an MLP and for Box 11C it has ($104) and for Box 11F is has $797. My question is can I use the $104 loss and any other losses on the K-1 to offset the $797 or do all those losses just go to the basis?
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