TURBOTAX - Computing Capital Gains in MLP - TURBOTAX - InvestorVillage
TURBOTAX
This is a semi-private group. You are free to browse messages, but you must be a member of this group to post messages. Join This Group

Group: TURBOTAX   /  Message Board  /  Read Message

 
 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  28 of 124  at  3/11/2012 11:19:42 AM  by

vireya


Re: Computing Capital Gains in MLP

ARB says:

The problem some are having is thet are importing from the broker and leaving the Schedule D and import from the 1099 - this effectively doubles the gain. Chamois is correct on his answer. TTax does it correctly if it is a full sale of all units.

The simple example for tax basis is if you paid $40, sell at $80 and the capital account basis is now $20 per unit. $40 is a capital gain that goes on the new 86XX form and ultimately to Schedule D and the rest ($20) is sale of a business property that goes to form 4797 as ordinary income. Both then flow to your 1040.

After you enter go to the top of the screen to VIEW and click on forms - you can then go to the various forms above and your 1040 to see if the numbers make common sense. Need to remember TTax is not smart - it will take any number you type in. That part needs to come from you.

ARB


 
     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 1     Views: 266 (updated 24hrs)
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board


About Us    Contact Us    Follow Us on Twitter    Members Directory    Help    Advertise
Not a member yet? What are you waiting for? Join Now
Want to contribute? Support InvestorVillage by donating
2003-2014 Investorvillage.com. All rights reserved. User Agreement
   
Financial Market Data provided by
.

Loading...