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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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18 comments:
large players building positions. postive sell side comments. i think we close 24+.
Enough LINE already, the rest of your positions are losing money...Have you forgotten about those?
Hey, "enough LINE already," to paraphrase Chevy Chase in Caddyshack, "I've got CDs, I've got MLPs; CDs would be good for you."
Dumped my Linn, moving it into CEP, its undervalued.
buying more linn. sorry you got shook out.
Hey, "enough LINE already," to paraphrase Chevy Chase in Caddyshack, "I've got CDs, I've got MLPs; CDs would be good for you."
So far in '08, the return on CD's has crushed the return on MLP's.
CD's +1.04% AMZ -5.98%
buying more linn. sorry you got shook out.
"Shook out" I sold it over 1 point higher than its trading now and made over 4 pts on the trade.
It just makes sense to bank the profits and move it into something that is lagging. My laggard pick is CEP.
LINE FLOPPING HARD.
Sell the news boys.
sorry to those who sold today...classic snow job by hedgies looking to buy cheap. the stock will be at 25 by weeks end. seen this too many times
Anyone looking at HEP? Any opinions on it?
Hey Joe, I need your TurboTax expertise! I need to enter the information associated with the sale of MLP shares. How do I get TurboTax to ask me about the ordinary gain (Form 4797) associated with the sale?
first off to the linn comment about my other losers...not that many on my board really. Linn Energy is the news of the day...its getting coverage and yes i am unashamedly long the stock...average price around 24. So duh!
Now to the turbo tax issue..which version of turbo tax are you using?
great support at 23 - bounced off twice after some sloppy seller. 25 after analyst day.
nice buy joe!
Hi Joe. I'm using Turbo Tax Deluxe. To enter the ordinary gain for 4797 I manually opened the form (Forms -> Open a Form) and entered the information into Part II, Ordinary Gains and Losses. I'm not sure what all to enter into the table since the only information I have regarding ordinary gain is the ordinary gain amount itself - what do I enter for the "Gross Sales Price", "Depreciation Allowed", and "Cost Basis"? I'm not certain if these amounts relate to the actual MLP stock sale or some accounting figures deep inside the MLP. Is it acceptable to just enter the ordinary gain amount itself?
Next question - for Form 1040 Schedule D how should I account for the ordinary gain subtraction against my capital gain? TurboTax only lets me specify cost basis and net proceeds. To properly account for the orindary gain should I add it to my cost basis or subtract it from my net proceeds? Or is there an automated method in TurboTax to account for this.
Thanks for your help!
in premier the program automatically generates the form. Numbers from MLPS flow here directly so i don't change or add anything. I've done it this way so far.
Distributions are return of capital so that comes off your cost basis.
This is where all of this gets dicey with regards to our wonderfully simple tax system and i would hate to tell you the wrong thing. Anybody out there have a clue?
In TurboTax, if you check final K1 on the k1 form, the worksheet for the K1 form will give you ability to enter ordinary and cap gains. Don't forget any previously suspended losses can be taken after final sale and will be reported on Sch. E Suppl.
Thanks Anonymous 1:50PM. Clicking "Final K1" did the trick!
Back to the 1040 Schedule D. Here's what I did, please tell me if this seems correct:
Column D, Sales Price: (#shares sold multiplied by share price)
Column E, Cost Basis: (#shares purchased multipied by share price) minus ("adjustments to basis" amounts provided by MLP tax package) plus ("orindary gain" amounts provided by MLP tax package)
Column F, Gain or Closs: (Column D minus Column E)
Anonymous said; "Back to the 1040 Schedule D. Here's what I did, please tell me if this seems correct:"
Use the sale data from the MLP K1..they give you data by lot for computing g/(l)and ordinary income. That data can be entered on the K1 worksheet in TurboTax to have schedule D and E and 4797 entries made. You might have to override there to get short/long split right.
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