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Linn Energy, LLC Message Board

  • investor952 investor952 Mar 2, 2012 2:27 AM Flag

    Tax Question regarding TurboTax..entering purchase dates


    I am using Turbotax and have started intering the info for the K-1s I have received for my regular taxable account. I sold all my MLP's in this account in 2011. Note, though for any particular MLP, I sold the whole thing, for some...I made more than 1 purchase .

    In Turbo Tax , for the MLPs that I sold but made multiple purchases of, how do I enter this breakdown of multiple dates? It appears that TurboTax, in the interview, only provides one box for purchase date? Do I need to enter each purchase? If so, how do I do this? Thanks.

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    • I'll try to help you one more time and that's it. Use the interview to enter your MLP sale. Use v (various) as the purchase date. When you complete that part of the interview, go to forms mode and locate the schedule D entry. In forms mode split the schedule D entry into two - one long term and one short term. You can use the lot information in your K-1 sales schedule to see how much of the basis adjustment should go to the short term part and how much to the long term part. And of course you need your own records to determine how your original purchase price split between short and long term (as you would for any stock sale where you sell a mixture of long and short term in one trade.

      This is really pretty trivial and takes probably not more than about 2 minutes.

    • Not sure why you're doing the entry before you get the K1 with the "Sales Schedule". That has all the relevent numbers and its impossible to do your return accurately without it. If all your sales were long term of if they were all short term, then enter one transaction. If they were mixed, then you are going to have to do some additional manual entries. But definately wait fir the K1 and Sales Schedule.

    • You can enter 'v' for various.
      However there is a difficulty if some of your lots are long term and some short term. If that's the case, you might have to manually override on the forms.

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