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Poco Deplorevole

On Mon, 20 Mar 2017 11:19:16 -0400, wrote:

On Mon, 20 Mar 2017 08:27:24 -0400, Poco Deplorevole
wrote:

On Sun, 19 Mar 2017 23:05:07 -0400, wrote:

On Sun, 19 Mar 2017 15:09:32 -0400, Poco Deplorevole
wrote:

On Sun, 19 Mar 2017 12:23:18 -0400, wrote:

On Sun, 19 Mar 2017 08:22:52 -0400, Poco Deplorevole
wrote:

On Sat, 18 Mar 2017 20:43:39 -0400, wrote:

On Sat, 18 Mar 2017 14:48:39 -0400, Poco Deplorevole
wrote:

On Sat, 18 Mar 2017 13:05:50 -0400, wrote:

On Sat, 18 Mar 2017 12:23:31 -0400, Poco Deplorevole
wrote:

Until the mail came yesterday, I thought my tax returns were finished. They'd even been accepted by
the feds and the state.

And then yesterday's mail came. It included a Sched K-1 from that friggin' USO! So I just finished
the amended tax return process.

Don't know why they take until mid-March to get out the forms, but they do. Hope they didn't screw
yours up also.

K-1s are always late. I have just been taking my distributions as
ordinary income and throwing the K-1s away. It turns out I end up
losing a few bucks by doing that but it is not worth fooling with and
the IRS seems OK with it. If they ever do call me on it, I will amend
my return and make them send me a few bucks.

How do you know what the distributions are before getting the K-1?

I get a statement at the end of the year.

Did USO send you a statement at the end of the year? Those assholes said they didn't receive the
info from brokers and nominees until late January. Who do you get your statement from?

I am partnered with Carl Ihcan. He turned around a real estate
partnership that was dead in the water after the 1986 tax reform. I
went for years without seeing a dime from them. Now I am getting a few
grand a year in dividend/distributions. Not bad for something I paid
10 grand for in 77 and got a hefty tax write off on for 8-9 years.
They tried to buy me out a half dozen times for chump change and now I
am glad I did not do it.
For a while I owned more of the Trump Taj than Trump. Carl has a buyer
on the line and it is either gone or going.

Well how can you throw away the K-1 statements when you're getting a few grand a year in dividends?
You mean the IRS is OK with that? You are one brave soul.

If I am paying ordinary income on the dividends they seem happy. When
I do fill out all the forms, I get a few bucks more back. They can
audit me and pay me more, their choice.
They have owed me money the last 2 times I was audited too.

You lost me. I don't see how you can claim K-1 income, along with a half dozen other entries from
the K-1, as some kind of 'estimated' ordinary income, especially when it's a few grand a year.

You're a brave soul!
I see a check from Ichan for around ~$500 a quarter. I pay taxes on
that. Come and get me copper.

The late K-1 cost me $145 in federal and $4 in additional state taxes. But there was a lot of
cussin' going on, believe me.

I've never been audited, but I've always been very careful to cross the t's and dot the i's.