TURBOTAX - Computing Capital Gains in MLP - TURBOTAX - InvestorVillage
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Msg  28 of 255  at  3/11/2012 11:19:42 AM  by


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.


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