PSHONORE SAYS ON THE MLP BD:


Lets get a couple things straight. Sales don't get reported on a K1 so don't that defense wont work with the IRS.(although there may be a box checked Final l K1). Sales get reported by the MLP on a Sales Schedule which the IRS does not get. Sales DO get reported on a 1099B by your Broker. The IRS gets those. The IRS will match that the gross proceeds on 1099B forms to see if it matches what is on Sched D. (via Form 8939). Since these are supposedly non-covered securities for basis reporting, the IRS will not and cannot match your basis for an MLP sale. THEY WILL MATCH YOUR GROSS PROCEEDS AS SUPPLIED BY THE BROKER. As someone else mentioned, either don't import the broker data, or if you do delete the MLP sales. but make sure the final result matches the 1099B