Thread: Strange letter from the IRS
View Single Post
  #9   Report Post  
posted to rec.boats
amdx[_3_] amdx[_3_] is offline
external usenet poster
  
First recorded activity by BoatBanter: Jul 2013
Posts: 780
Default Strange letter from the IRS
On 6/19/2017 9:02 PM, wrote:
On Mon, 19 Jun 2017 21:32:01 -0400, Wayne.B
wrote:


There may be things like depreciation, interest expenses and/or
depletion allowances hidden in the K1 that you can deduct against
ordinary income. That said, I am not a tax expert.

That is what I am saying, There are no big numbers on the K1. It is 5
bucks here and 10 bucks there. The last time I filled out all 10
forms, it ended up being a few bucks a form. I just take the
distributions as ordinary income and let Sam have the 20 bucks.
... but I may be wrong ;-)

I have a friend that has done the paperwork for K1 forms.
He will no long invest in anything that requires a K1 form.
Mikek
Reply With QuoteReply With Quote