partnership part of partnership correction
The cash distributions from KMP should be entered as a return of capital dividend. You then have to make all of the other adjustments to get the information from the KMP K-1 onto the correct lines of your club's Schedule K/K-1 as well as adjusting your club's cost basis in KMP.
Ira Smilovitz
In a message dated 3/4/2012 8:27:29 P.M. Eastern Standard Time, writes:
I inadvertently stated incorrectly that bivio treated a partnership distribution from KMP as a dividend. It is the broker, TDAmeritrade, that is stating that the $58.00 distribution is a dividend. How do I get this distribution to show up correctly in Bivio and on our tax forms???? Thanks for any help provided.
Fidelity just adjusted KMP Dividends to Retn of Capital on
the most recent div in 2012, but previously they were put in
as dividends. Should I redo all of their dividends to Retn
of Capital or are a few of them really dividends?
--Shell (Rochelle) Rubenstein
These pipeline stocks can creat very big tax problems if you
invest enough money in them. You may have to file tax
returns in several states as well as possible Canada, I know
because we owned one a couple of years ago if we would have
had a much larger holding we would have had to pay an
accountant to prepare all the tax returns. The cash
machinces that are puplicly traded Partnerships are not
worth the problems, there are plenty of other great
investments out there. For your partnerships good, just keep
it simple.
Scott Mace
Snake River Investment Club
If bivio puts broker information directly into the tax form, how do you put the information supplied on KMP's K-1 onto our tax form???. I seriously think I need a really detailed("explanation for dummies"!!)type of response. Any and all help will be severely appreciated!!!