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SandRidge Mississippian Trust I Message Board

  • jayk63 jayk63 Feb 23, 2014 8:25 PM Flag

    tax question, please help.

    In 2013, I sold SDT at a loss, mainly because I didn't like the tax procedures of partnerships. Instead of waiting for my k-1, I had rather claim all my distributions as return of capital and reduce my cost basis by the same amount which would show a lesser loss than my 1099. The distributions are usually about half interest and half ROC and whatever else. Is this a suitable and legal manner in which to pay taxes on this sale of 100 shares of SDT?

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    • Do you really have to ask? It's like saying I don't want to wait for my W-2 so I'll just make up numbers.
      Of course you need to wait for the K-1 and you need to use the Sales Schedule part of that K-1 to report ordinary income as well as basis adjustments for the disposition. The K-1 information is reported to the IRS, so making up numbers is just as risky as making up W-2 numbers.

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