What clients and K-1 Basis Tracker users have written, shared with their permission.
- I was faced with how to properly handle the disposition of an LP and 5 years of K-1s.
- Lucas quickly assessed the situation, presented a plan, collected all pertinent info, analyzed the info, formulated the steps required, and explained this all with detailed but understandable messages and excellent and prompt feedback when needed.
- The result was that I knew exactly what to do to properly reconcile the entire LP life cycle, including filing two amended returns, which resulted in a large tax benefit that I would have otherwise missed or miscalculated.
- I would recommend this service to anyone dealing with K-1s, especially those who prepare their own taxes. I plan to use Lucas's services again in the near future for other LP/K-1 issues.
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.
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.
These are individual experiences. What a correct basis does to your tax depends on your own K-1s: it can lower it, leave it unchanged, or raise it.
Try the K-1 Basis Tracker