Return of Capital
| HelpRegister |
Return of Capital We own a company (Energy Transfer Partners) that pays a quarterly amount listed as Return Of Capital. This is how we enter it in Bivio but this income does not show up on the tax returns. Is this correct. I also haven't seen anything from the 1099s from our brokerage account. Thanks. You are handling the the payments correctly. Sometime, probably not until
March, you will receive a K-1 from this partnership. Then you will have to pick
up the various items of income and expense on the k-1, just as your partners
have to pick the the club income/expense items on the k-1 that you will be
sending them. You may need some help in picking up all those items when you
receive the k-1.
Rip West
Saint Paul, MN You own a partnership. You will be receiving a K-1 from them sometime in the next two months. You cannot prepare your club's tax return until you receive it. You will have to figure out how to enter the income and expense items from the K-1 into bivio and reconcile them with the cash distributions. You also face the possibility of having to file (the club and each member individually) in every state in which Energy Transfer Partners has operations (Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming)
Needless to say, this demonstrates why investment clubs should never invest in partnerships.
Ira Smilovitz
In a message dated 02/14/09 12:06:19 Eastern Standard Time, donald@bivio.com writes:
|
|
||||||