Beliavsky <beliav...[at]aol.com> wrote:
- quote -

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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Beliavsky <beliav...[at]aol.com> wrote:

- quote -

I have received two replies to my question on
misc.invest.financial-plan . The thread is at
http://groups.google.com/group/misc....f1be2b30a617b3

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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?

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >