Fairly recently I saw a MF article about depreciating the cost of an MLP. Does anyone know where I can find it?Thanks,Fred
Fairly recently I saw a MF article about depreciating the cost of an MLP. Does anyone know where I can find it?If you do find such an article, you can safely ignore it. You cannot depreciate the cost of an MLP.MLPs can be quite complex on your tax return. At a minimum, they will be reported on schedule E page 2 each year. It's also fairly common for them to be reported on Schedule A, Schedule B, Schedule D, and Form 4797. Other forms are possible as well. It all depends on what happens in the MLP each year.--Peter
Thanks much. Guess I'd best defer to my accountant!
Have you received the K-1 from your MLP? If not, you must receive it before having your taxes prepared.Donna
I'm in the tax business, and I don't even try to hold an MLP outside a retirement account. It just seems like a tremendous headache when you start dealing with returns of capital vs. income. If you have the flexibility, I'd consider stuffing your MLPs into an IRA, or perhaps checking out a mutual fund or ETF that won't generate K-1s.
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