Do you need to pay recapture in excess of sales proceeds | MLPs Message Board Posts

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Msg  124554 of 125089  at  12/4/2020 1:14:38 PM  by

ARB


 In response to msg 124530 by  jrad51
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Re: Do you need to pay recapture in excess of sales proceeds

The other issue is when the taxable basis goes negative. There are two ways that have passed muster. Jrad is absolutely correct in using debt while some just use the capital account number.
If your basis goes negative, in the past, likely that nothing would immediately happen as the IRS did not or could not match individual K1s. That should change shortly. Possibly not for TYear 2020 because of COVID, but pretty sure for next year. Could be ugly for some.
As Jrad said use your K1. It on a sale will USUALLY give the correct numbers. A note that MLPs average all units.
ARB


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Msg # Subject Author Recs Date Posted
124556 Re: Do you need to pay recapture in excess of sales proceeds Q77 0 12/4/2020 3:36:32 PM








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