well don't assume I am a she just based on my handle. It is a randomly selected fake name.
btw, I am with Etrade also and they have never indicated a wash sale based on receipt of a dividend/distribution. So something doesn't add up here.
Note that Etrade (and other brokerages) do not do the tax form preparation themselves. It is all outsourced.
you should know better than that by now.
I have made clear many times that I have no interest in USO as an investment vehicle.
I did own it and UNG for a short time back in the first half of 2008 when commodity prices were skyrocketing but never since then and unlikely to in future.
They are flawed vehicles. I only use this board (and not much anymore) as a place to discuss oil markets. A much better forum for discussion of oil markets is the InvestorVillage BRY board which is why I don't come here so much now.
But it's (probably) not wrong.
It is absolutely correct for a portion of the distribution to be declared as proceeds, and anyone who has used the tax booklet to prepare their taxes should know this.
But it's wrong. Why not read the tax booklet and do what it instructs.
The distribution DOES have a proceeds component as is clearly explained in the tax booklet.
And it is correct to use the same basis and proceeds for that to result in gains of zero as it is a return of capital.
However if you then go and declare the entire distribution on schedule B, that is completely wrong and you may get yourself audited as a result. It sounds like you have made no effort at all to follow the instreuctions in the tax booklet provided by the trust. Why invest in something if you are not prepared to invest the time to learn how to report the taxes? You are simply asking for trouble with the IRS and potentially have to file revised returns later when they question it.
Well, I'm still not really sure what you are referring to.
I don't see how receipt of a dividend or distribution would trigger a wash sale unless you have automatic reinvestment of dividends (DRIP).
The dividend may have been non-qualified rather than the usual qualified due to your sale, but that's not what you said.
And there is a wrinkle about tax loss harvesting on trusts in that you have to factor in and report the depletion recapture, so it is only worth doing if the price has dropped enough to exceed that.
But I cannot find any reference to what you suggest: a wash sale being triggered by receipt of a dividend. Can you find any reference you can point to, other than sometime ago you were disallowed a loss for reasons you can't quite remember? Are you sure you did not have DRIP for that security so that you did in fact purchase during the 60 day window? Or was it perhaps a mutual fund rather than a stock? Anyway, I believe you have your facts mixed up and there is no such restriction as you imply.
I wonder if you are referring to the case if you have automatic reinvestment of distributions.
In that case, yes, you'd be buying every month so it would be hard to avoid wash sales.
I reinvest opportunistically but don't have any automatic reinvestment.
You are probably referring to the proceeds portion of your distribution payment.
It is correct for an amount to be listed as proceeds on schedule D.
Read the tax booklet.
I assume he was referring to proxies received relating to voting to change in termination condition language. But a number of the trusts are doing this (maybe all of them managed by the new trustee) and I don't think it implies anything of the sort the poster assumed.
why do you think they would be terminating the trust?
Many of the trusts are updating their language like that.
I don't think it implies anything about earlier termination.
That's the one.
I prefer lizahuangrocks and the owner of that handle seems to know what he is talking about unlike you.
Even if it is a lot more than $7 if it takes close to 2 decades to get it, that does not make it a good investment.
unless you sold your units you will have tax to pay on royalties and interest. Nobody will declare a loss unless they sold their units. You have no idea what you are talking about. Anyway partnership losses would be passive which means they are carried over and can't offset other income or even profits in other partnerships, so you would be wrong even if SDR did declare a loss which it doesn't.