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Crosstex Energy, L.P. Message Board

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  • lizahuang54321 lizahuang54321 Jan 11, 2013 11:21 PM Flag

    SLOT: Trying to understand tax implications and the forms that would have to be used if I sold a few shares

    It's more complicated than you suggest. You need to use the sales schedule on the K-1 which will give you basis adjustments and ordinary income. There are other forms besides 1040 and sched D.
    As a rough estimate, sum all the distributions you received and estimate the ordinary income tax liability on that total using your tax bracket. In addition figure capital gains tax rate on the difference between the purchase and sale price. One final point, it gets very complicated if you sell only part of your position. Good advice is to sell your entire position in XTEX or none of it. Don't mess with selling just part of it unless you want tax headaches.
    Note that taxpackagesupport website has a tax calculator which gives you an estimate of taxes to be paid if you sold your position as of Dec 31st in the previous year. Since we just started January (and assuming the data is updated for 2012), this should be a pretty accurate estimate. You need to log into the Crosstex section of the taxpackage support website.

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