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Started By
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can someone fill me in on the Tax implications on selling an MLP
Posted on 12/30/13 at 11:16 am
Posted on 12/30/13 at 11:16 am
sold NMM today in which I've owned a long time.. I believe I will not be taxed on any dividends that I have acquired over the years. is that correct?
2
Posted on 12/30/13 at 12:23 pm to b-rab2
Most publicly traded partnerships issue a tax reporting guide with the annual K-1s reporting partners' shares of partnership income, loss deductions and credits. They give advice that is specific to the partnership. You should be able to find your answers in that guide.
Posted on 12/30/13 at 12:44 pm to Poodlebrain
quote:
Most publicly traded partnerships issue a tax reporting guide with the annual K-1s reporting partners' shares of partnership income, loss deductions and credits. They give advice that is specific to the partnership. You should be able to find your answers in that guide.
This. Unfortunately, it seems these K-1s are always issued late.
Posted on 12/30/13 at 12:49 pm to Janky
Yay
Posted on 12/30/13 at 12:52 pm to b-rab2
This is the reason why I only buy MLPs in IRAs.
Posted on 12/30/13 at 2:35 pm to Janky
How are you going to handle unrelated business taxable income.
Posted on 12/30/13 at 2:46 pm to CHSBears
mutual funds
Posted on 12/30/13 at 7:17 pm to CHSBears
quote:Why would he worry about unrelated business taxable income? I doubt he is a tax exempt entity.
How are you going to handle unrelated business taxable income.
Posted on 1/1/14 at 5:07 pm to b-rab2
NMM is a corporation for us tax purposes. You will be taxed like any other corporate stock sale (i.e., normal capital gains). Many of the shipping MLPs use that structure since they don't have any US assets and therefore owe no US taxes on their operations. You should have received a 1099 for divs from NMM rather than the usual K-1's MLPs generate.
Also, MLPs in an IRA can cause taxes to be due on the UBTI. I believe the first $1000 is deductible.
Also, MLPs in an IRA can cause taxes to be due on the UBTI. I believe the first $1000 is deductible.
Posted on 1/1/14 at 10:26 pm to txtiger79
quote:Good catch.
NMM is a corporation for us tax purposes.
quote:It is also possible that NMM filed a Form 8937 reporting non-dividend distributions requiring reductions in the basis per unit.
You should have received a 1099 for divs from NMM rather than the usual K-1's MLPs generate.
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