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I invested in USO and received a Schedule K-1 and a 1099-B from my broker, Do I need to report both?

Mutual Funds, Hedge Funds and ETFs

I invested in USO and received a Schedule K-1 and a 1099-B from my broker, Do I need to report both?

Postby taillefer » Thu Jun 28, 2012 5:25 pm

It seems like double taxation if I have to report my gain on both forms. United States Oil sent me the schedule K-1 and my broker (Vanguard) sent me the 1099-B. I am hoping I do not have to report both. If I have to report both then it seems commodity ETFs are not worth investing in, because of the taxes.
taillefer
 
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Joined: Mon Jun 25, 2012 8:39 am

I invested in USO and received a Schedule K-1 and a 1099-B from my broker, Do I need to report both?

Postby dicky20 » Thu Jun 28, 2012 5:26 pm

USO is a partnership and sent you a k-1 for your share of the income. The 1099-B represents the sale of that partnership interest Different types of income, so no, it's not double taxation.
dicky20
 
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I invested in USO and received a Schedule K-1 and a 1099-B from my broker, Do I need to report both?

Postby burke5 » Thu Jun 28, 2012 5:28 pm

It is very important that you properly report the Information from both forms. They represent different types of income although they may have come from your involvement with only one company. Not reporting them both will cause you a great deal of paperwork to deal with the letters you will get from the IRS.
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