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Inergy, L.P. Message Board

  • oldchestnut2003 oldchestnut2003 Mar 27, 2004 8:53 PM Flag

    HELP!!

    Anyone dealing with partnership filings, K-1, etc., like I am? I am going crazy! Can you help? Please bear with my 2 questions... I am desperate!

    I stupidly bought a publicly traded partnership stock (NRGY, for the nice distribution). After stock went up I sold (after two months!). I had no idea I had to file all these tricky forms. All I received was $73 in distributions, and $552 in profit from the rise in stock price! Just got my K-1, and most of the lines (2-16a) say 0. The "guide" to filing sent by the company says I MAY need to file Schedule E, Form 4797, Schedule B, Form 6251 (AMT-- never did that!), 4952, and 8271, but I think I would not need to file if all the lines on the K-1 say "0" --- DO I? My OTHER (more serious) question is: WHERE the &*$# do I put my $552 gain? Do I put it on the regular Schedule D, line 1, with other stocks? Or do I have to put it on line 5 (gain from K-1 partnerships), even though NONE of the $552 is listed on my K-1!?

    Help! Any mercy you show this Old Chestnut will be much appreciated! Thank you!

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    • Let me first state that I am not a tax accountant and I don't know all the tax situations.

      If you are not using TurboTax, spend the $20 and get a copy. It really make filing taxes much easier. With TurboTax, you just fill in the number of your K1 into the worksheet and it will move the numbers to the correct forms and do all the calculations for AMT etc.

      As to your question, the $552 goes to your schedule D. Some of your distributions are return on capital and might affect your basis.

 

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