Received the K-1 with loses and several other entries on the K-1. Do I need to do anything with it since it is in his IRA? Won't it just come out in the end?
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Look at box E of the K-1. If it isn't his SS#, it doesn't go on his return. -
Thank you!Comment
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Is his IRA in a ptp, or does he own ptp interests in his IRA? Either way, he can think of it as simplification. Assuming he would have made the investment anyway, he just doesn't have to fool with those pesky schedule D calculations."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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When you write PTP, do you mean a public traded partnership that is in reality a master limited partnership?
Almost always, those aren't going to impact the return because of minimum thresholds but if it is a substantial investment, it could impact their individual return.Comment
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You need to check, if a PTP, if there is any UBTI in Section 20 line V. If over $1000, the broker or custodian will need to file a 990-TComment
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