So I had my taxes done about a month ago...had all of my paperwork and I've already sent in my check, and it's been cashed.
had some income from selling a few shares of the USO oil fund (way too early apparently). ANyway, they just sent me a freaking K1 in the mail and it says that I need to include it in my income taxes.
Few things:
The amount I made off this limited partnership was already claimed using a capital gains form. BUT, my wife got a K1 from an oil partnership with her family so I saw my accountant used a form just for that.
So, do I need to get my return ammended to put that income (only $500) into a special K1 type form? Or will it be ok when just claimed as capital gains?
And lastly -- will this screw me over by throwing up a red flag either way? If I fix it, am I asking for trouble? And if I leave it, am I asking for trouble?
had some income from selling a few shares of the USO oil fund (way too early apparently). ANyway, they just sent me a freaking K1 in the mail and it says that I need to include it in my income taxes.
Few things:
The amount I made off this limited partnership was already claimed using a capital gains form. BUT, my wife got a K1 from an oil partnership with her family so I saw my accountant used a form just for that.
So, do I need to get my return ammended to put that income (only $500) into a special K1 type form? Or will it be ok when just claimed as capital gains?
And lastly -- will this screw me over by throwing up a red flag either way? If I fix it, am I asking for trouble? And if I leave it, am I asking for trouble?
