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Posted by Mike20878 on October 16, 2007, 1:19 am
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>> I invested $100K as a limited partner in a hedge fund in
>> 2006, which declined to $49K, but when I use Turbotax, I am
>> surprised that this investment has greatly increased my
>> taxes. On the K-1, the nonzero items, in thousands of
>> dollars, are
>
>> -21 (1) Ordinary business income
>> 52 (5) Interest income
>> 5 (6a) Ordinary dividends
>
>> -11 (11f) section 1256
>> -15 (11f) mixed straddle short term
>> -22 (11f) mixed straddle long term
>
>> 1 (13v) management fees
>> 1 (13v) operating expense
>> 25 (13v) interest expense
>> 13 (13v) dividend expense
>
>> My question is if the (13v) interest expense can be
>> reclassified as "investment interest expense"? What about
>> the (13v) dividend expense? Is there some other way to get
>> the dividend expense to offset the ordinary dividends in
>> (6a) and to carry over the dividend expense to ordinary
>> dividends recieved in future years?
> I have received two replies to my question on
> misc.invest.financial-plan. The thread is at
> http://groups.google.com/group/misc.invest.financial-plan/browse_frm/...
Does Turbotax prompt you to input your investment of $100K?
Your investment gives you basis to take losses. Without
that information, TT may be limiting the losses.
Good luck.
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