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Old 03-16-2019, 05:56 PM
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Join Date: Mar 2017
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K-1 for EPD (a PTP/MLP) - Total disposition gain/loss ?

I've owned $EPD for several years and finally got tired of wasting time on complicated Schedule K-1s. So, I sold it in 2018. I am using H&R Block tax software, and am on the Schedule K-1 Worksheet, which appears to be from the IRS but I can find limited info.


My question is:
It asks to check if it is a total disposition (it is).
It then asks for the "gain/loss on disposition" as well as "gain/loss on disposition-AMT". What is the correct amount for these?


Now I am confused at how to calculate the gain/loss. The K-1 has a "Sales Worksheet" which multiple boxes, including Purchase Price/Initial Basis Amount, Cumulative Adjustments to Basis, Cost Basis, Gain Subject to Recapture as Ordinary Income, AMT Gain/Loss Adjustment.


I then also have my brokerage statement that shows the capital gains from selling $EPD, which is completely different from this "Sales Worksheet".


My best guess is that the gain/loss on disposition is more related to partnership income, not stock gain. So, this would be from the Sales Worksheet "Gain Subject to Recapture as Ordinary Income" and then use the AMT adjustment to fill out the gain/loss on disposition-AMT.


Then, I would have my capital gains later on Schedule D. However, I don't want to double count anywhere and I'm talking $7500 of capital gains, and $8600 from the "Sales Worksheet" so it is significant.




HINT FOR EVERY REGULAR PERSON: NEVER BUY A MLP/PTP IN A TAXABLE ACCOUNT!!! YOU CAN FIND OTHER INVESTMENTS THAT ARE SIMILAR AND DON'T WASTE HOURS OF YOUR TIME TRYING TO FIGURE OUT THE TAX IMPLICATIONS OF A SCHEDULE K-1!



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