Energy Transfer LP Schedule K1

Forum|Forum|2 years ago
April 11, 2024
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Can anyone walk me through how to enter this form and answer the questions about it in Turbo Tax? It's an inherited investment, so no idea what our basis, at risk amounts, passive activity losses, etc. are nor can I figure out how to compute them. I think I've seen that I definitely need to enter 3 k1s to accommodate ET, USAC and SUN, but other than that, I'm at a loss. Thanks in advance!

Not A Product Question

Vanessa A

The basis of your LP stock would be the FMV on the date the person you inherited it from died. You can find this by using a tool such as Yahoo Finance.

Unless you had to invest more money into the stock, you would not have any at risk amounts or passive activity losses. The numbers you need the most for this are the FMV on the date of death and the price you sold the stock for. If you have not yet sold it, then there would not be any reporting required for the inheritance. This will occur when you sell it.

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