Recent content by confusedone

That makes sense. Thank you very much. I am so done with this K-1 nonsense. Won't be touching any ETF that issues one. Sigh

Spr, thanks again for the reply. To answer your questions: 1. I didn't hold SVXY over 2017/2018 year boundary. I exited all SVXY position in December 2017. I didn't have SVXY wash sale that spanned across the year boundary, either. So I guess those complications do not apply. 2. That makes...

Thanks Spr, all these make sense. Now I have some minor thoughts: 1. My understanding is that, take the numbers on K-1, do: 1) report cell 11 as Section 1256 contract on 6781, and report other non-zero numbers as instructed on the Graphic Instruction of K-1, and 2) manually adjust cost basis...

Thank you so much for the reply. You are right, I did hold SVXY short term, not long term. I have one more question. I am thinking, what exactly does 'accumulative adjustment to tax basis' mean on K-1? Does it mean one's 'taxable income' (tax basis?) is increased/decreased by the number in that...

I followed the steps you described below, but the two entried did not offset each other in TurboTax. Instead, my federal tax owed was lowered. When you said the two offset each other and you'll pay as much tax as you would if you didn't file K-1 in the first place, did you see your tax liability...

Thank you for very helpful information. I have tried with the method suggested in this thread, but have run into a problem/question. Below is what I did in TurboTax. 1. I traded SVXY last year and have made some gains from the transactions. Just got K-1 for it, and both cell L "Current Year...