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Energy Transfer Partners, L.P. Message Board

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  • linda_mod@sbcglobal.net linda_mod Apr 8, 2009 7:03 PM Flag

    K-1

    Happy to not be alone with this problem of K-1 reporting! I received mine from ETP a few weeks ago. Call them at (800)792-7904 to find out where your K-1 is.

    If anyone out there can tell me how to report these numbers on my income tax return, I will be really grateful. I've read the instructions from IRS but can't figure out anything except the part that says "you can't take a loss if reported on Line 1."

    Distributions shown in box 19 are considered to be a "reduction in your capital account". Distributions are actually the dividends they paid you during the year. Now, why would you have to reduce your investment by that amount?

    Does this really save you any money in the long run?

    Again, anyone out there who can help us fill out of income tax returns in the USA, please help!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • The box 19 info counts as a reduction in your basis in the partnership, at least until you reach zero basis. In other words, if you bought 100 shares at $40, your original basis is $4000. Each year you reduce that by the amount in Box 19 and use the adjusted basis as your cost when you sell the shares. If you'd owned the shares for 2 years and received $500 total from Box 19 and then sold the shares, your effective purchase price on Schedule D would be $3500, not $4000. It gets more complicated if your adjusted basis gets to zero. A good general set of instructions for filling out your US taxes from a partnership K-1 is http://www.irs.gov/pub/irs-pdf/i1065sk1.pdf.

      Hope that helps a little!

 
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