What users of the K-1 Basis Tracker have written, shared with their permission.
I've been an MLP investor for several years and watched as my capital accounts eroded until one position showed a negative ending capital account. At that point I thought I would have to report a long term capital gain on the negative amount. After doing some more research I discovered Lucas' Basis Tracking site. He has tons of relevant information on MLPs and K-1's, but most importantly he has developed his K-1 Basis Tracker. Using his Tracker, I quickly learned how to incorporate nonrecourse liabilities into my adjusted basis, which showed that I did not need to report any long term capital gains, saving me a lot of money in the process. So if you like the steady income produced by investing in MLP's, but are unclear how all these K-1 tax issues are dealt with, I would highly recommend you subscribe to Lucas' site. The small annual premium is well worth the peace of mind of knowing your true cost basis. Highly Recommended.
Bill is a beta tester and received an extended subscription.
I was trying to understand what the numbers on a final K1 sales report meant and how much my tax bill would be. I luckily came across K1 Basis Tracker online that pushed me in the right direction. An issue came up and I contacted Lucas Andersen by email and he quickly resolved the issue and I was able to pay him to do a personal evaluation of my K1s to give me a more accurate estimate of my tax liability. Money was well spent and reasonable. If your K1s don't make sense, Lucas Andersen has the answers to your questions.