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Author: bruceelio Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: USO K-1 CA State Tax Reporting as a non resident Date: 9/28/2010 9:39 AM
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I bought some USO in late 2008 and sold it in 2009. I received a K-1 and filed appropriately for my federal taxes. Now, I have recently received notification from California as to why I didn't file a 2008 tax return for CA. Although, I am not a resident of California apparently a K-1 was filed out of Murrieta, California.

Anyone else run into this?
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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111121 of 121219
Subject: Re: USO K-1 CA State Tax Reporting as a non resi Date: 9/28/2010 9:49 AM
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I bought some USO in late 2008 and sold it in 2009. I received a K-1 and filed appropriately for my federal taxes. Now, I have recently received notification from California as to why I didn't file a 2008 tax return for CA. Although, I am not a resident of California apparently a K-1 was filed out of Murrieta, California.

Anyone else run into this?

====================================
When you buy shares in a partnership (including various LLCs, LPs, MLPs, etc.) you potentially have a responsiblity to file a return in any or all states where the partnership does business.

Did your K-1 package include a California K-1?
Or a breakdown of partnership income data by state?

Bill

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Author: bruceelio Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111122 of 121219
Subject: Re: USO K-1 CA State Tax Reporting as a non resi Date: 9/28/2010 10:58 AM
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"Did your K-1 package include a California K-1?"

I am a few thousand miles away from my tax records, but I don't recall any separate K-1 form. Just the one that I used for my federal return.

"Or a breakdown of partnership income data by state?"

Definitely no breakdown of income by state was provided to me.

I did contact the USO tax support phone (farmed out) and they couldn't find anything specific to California either filed on my behalf although they indicated they don't have full access to the partnership reporting.

I am sure there are some people here who were holding onto USO at the end of 2008. It'd be interesting to here what they came across.

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111123 of 121219
Subject: Re: USO K-1 CA State Tax Reporting as a non resi Date: 9/28/2010 11:02 AM
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I did contact the USO tax support phone (farmed out) and they couldn't find anything specific to California either filed on my behalf although they indicated they don't have full access to the partnership reporting.

Since the partnership seems to be headquartered in California, CA probably got the K-1's through IRS information sharing.

Phil
Rule Your Retirement Home Fool

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