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Poquito Loco

On Tue, 27 Jan 2015 14:34:09 -0500, wrote:

On Tue, 27 Jan 2015 14:11:26 -0500, Poquito Loco
wrote:

TT does a good job with Sch K now. Pretty simple. I remember helping an officer do his taxes while
in Germany. The Sch K took several hours for me to do (much of which was trying to figure out what
to do). The final result was a savings of about $11 in his taxes. Unreal.

Exactly my experience.
I assume the IRS does not even look at these things if you do not have
$100k or more in the partnership.
I am hooked up with Carl Ichan now and he is making me money but when
I look at the numbers on the K-1, it is $5 here and $10 there across
about 10 forms.
This all started with a $10k flier in a partnership called American
Property Investors. For years I was getting a $1000-1500 deduction and
a check.
After 1986, not so much and it looked like I was done. I did pass up a
few chances to be bought out for an insulting amount. Then Icahn
bought it and it came alive again. I am getting a couple grand a year
now. I don't have a clue what I could sell it for. I really do not
have a clue what I would say my basis would be on that. Things like
recaptured depreciation and such might come up to bite me ... if the
IRS actually knows themselves.

My experience, above, was in the late 80's. During my first year with Wells Fargo, after doing the
Sch K, with TurboTax, I called and told them no more Sch K. I'd forego all the 'tax advantages'.
Even with TT the damn thing is a PITA.
--

Guns don't cause problems. The behavior
of certain gun owners causes problems.

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