Quote:
Originally Posted by CoachKandSportsguy
totally agree. It sux to have oil and gas publicly traded LLCs because the IRS requires you to pretend to be an owner of 0.000001% of the company, and you have to file all the expenses of the company as if you were the company, times 0.000001%., including oil and gas recovery taxes and credits, etc. . totally sux. . The GP files a very limited income tax return. . .
Even though the interest rate was great, the filing headaches were more than enough to sell the stock
ASAP. . and reminder to never buy another one again. . .
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Over the last few years I have acquired shares in a handful of MLPs and they have done very well both in appreciation and payouts. This year some of the K-1s had not arrived in time for my CPA to plug the numbers into his tax prep software so I got on-line to obtain them. It was easy once I found the tax package support website which handles all of them.
I do agree each K-1 requires multiple entries on a tax return which can be a hassle.
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Last edited by manaboutown; 04-17-2025 at 09:16 AM.
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