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Enterprise Products Partners L.P. Message Board

  • saiani saiani Dec 16, 2010 1:44 PM Flag

    Anyone hold this in a IRA?

    If so have you ever had to claim any of it on at Tax time?

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    • Do you know the limit on the number of K-1s supported by Turbotax. I believe it used to be 30 but may have been increased. This year I will be over that number for the first time...I expect to receive 31 K-1s.

    • Why should it be a nightmare figuring your cost basis? The K-1 tells you on the sales schedule. You don't have to do hardly any figuring...it is all done for you on the K-1. Just plug in the numbers. Simple.

      The above is if you sell your entire position in an MLP. Different story if you sell partial positions. Turbotax doesn't even handle partial positions correctly.

    • Return of capital = tax deferred. Return of capital is what makes it tax deferred. When you sell it is recaptured, that is what is meant by tax deferred. Seems you are the one who doesn't know the terminology.

    • arbtrdr,
      BWP allows IRAs to own shares but not ROTH IRAs.

    • I held KMP,Ab and epd for many years, and finally got fed up with having to wait for the K-1 well into March every year and then fighting with Turbo Tax to get it all entered, although I believe TT is better now than it was, But when I sold them it was a nightmare figuring out my basis and when I finally did I owed tax on the entire purchase cost, so the tax savings wasn't as attractive as I thought it was. I even took my tax that year to a CPA and he wouldn't do because of the MLP sales involved. Never again in a taxable account unless you never plan on selling it. Just my opinon.

    • There are lots of good MLPs.

      I disagree that TurboTax is hard to use. I own 12 MLPs and have owned for a long time. Takes me about 5 minutes for each.

      Owning a few of the names inside an IRA would not be good or actually banned. BWP does not allow ownership by taxpayers that are exempt fro income taxes. PAA and MMP have consistently had positive and often significant UBTI. APL will probably also have a large number due to asset disposal and investment income. MWE during the merger/buyout of the GP stated that it would often report UBTI at a greater than normal level - no idea what this means, but it certainly is a caution sign.

      This subject has been debated for 10 years now here and at IV. The problem is that for the producers and many of the mid and smaller MLPs, UBTI is unpredictable and varies from year to year. For example my UBTI last year from PAA was over $4 per unit and most would be subject to Canadian income taxes as well.

      I think that for those that buy and hold or at least do not trade, TTax will do the job easily today. It was not so easy even 2 or 3 years ago. The emergence of MLPs caused them to simplify and inprove. 2010 will be even easier and with a better walk through menu. Went over to Intuit - about 5 miles from my home - last month and gave it a go through. OK and to the production line. All versions work fine but I use deluxe.

      ARB

    • I use the Deluxe version, but not specifically because of the MLPs. I own an S corporation and also have rental properties, so I am willing to pay the extra 10 bucks for the beefier version. It's possible that the Basic version will handle it, but no guarantees.

      There's no magic to it. You just plug the numbers that appear in the boxes on the K-1 into the boxes in the input screen. I think you can upload it electronically, if you want to go that route. Just to be clear, I've never sold any MLPs, so I have not gone through that experience (yet). I can't imagine that it is that involved. I think what throws people is that it is "different". But, as with most things, you just follow the bouncing ball.

    • I did it for years and will never do it again. First you have to wait untill the last minute to get the K-1 , then half the time there is some part of it that Turbo Tax don't like, and then when you sell it it is a nightmare.

    • which turbo tax package do you recommend ? I understand there are several different computer programs

    • Nothing.

      All you have to do is watched UBTI.

      Just sit down on your rocking chair and drink your favorite beer and say Life is gooooooood !!!

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