it actually positive. please correct me if i am wrong. I got the K1 too. and on box 11. it's losses. So this can be use to offset income when filing tax. it's as if you have a company and the company loss money.
Check out Section 11, it should show your investment amount(Capital contributed)and an Ending capital account. That Ending capital account $ amount is what you need to show as a cost basis on your Schedule D.
I have already files my tax returns and I just received two Schedule K-1 forms in the mail from Us Oil today.
One for my personal investments and it has nothing to do with 401K, and one for 401K investments. My 401k is called Individual 401K and as far as I know , I need to file RS Form 5500 or Form 5500EZ if assets exceeds over $100K (right not it is not over $100K)
I am not sure what I need to do with these schedule K-1 forms? Please advice, Thanks, Lewis
if in a taxable account, you definitely need to declare it. The IRS gets a copy too so you are asking for trouble if you ignore it. You should have researched this before buying and before doing your taxes.