Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123479  
Subject: Re: Reporting a line 1 Sched K-1 loss? Date: 3/31/2012 3:20 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The stock is OKS.

Soapbox time.

OKS is not a stock. It's right there in the company name: ONEOK Partners, LP. It's a limited partnership. Limited partnerships have unique tax reporting about them. Doing a bit more due diligence on investments before making them would seem to be in order.

End soapbox.

If you're using some tax software, find the place to enter K-1 information and make sure you indicate that this is a publicly traded partnership. The bottom line is that any loss from a PTP is deferred until you sell the PTP.

On the tax return, you'll report it on page 2 of schedule E. You'll give the name, ID number, write PTP next to the name, and put a zero in the amount. Next year, you'll need to know how much loss you didn't claim on your 2011 return, and net that into whatever the K-1 shows for 2012.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.