On Mar 21, 4:31*pm, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote:
- quote -

P:aul: Since he didn't mention buying, I presumed he didn't cover
until the following year--hence no "buy" , and no ownership at all.

ed

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On Mar 21, 12:50 pm, "D.D. Palmer" <ddpal...[at]backnet.net> wrote:

- quote -

So reading the posts here, you can ignore the K-1. But you might have
paid interest to hold the position, and this could be deductible as
investment interest (with the limitations and carryover as usual).

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In misc.taxes.moderated, Paul Thomas, CPA wrote:

- quote -

Interesting. I wonder what kind of paperwork and taxes the
shareholder who's shares were borrowed will have to deal with. It
kinda makes me want to avoid having PTPs in a margin account from
which they could be lent.

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"ed" <edcosoft[at]sbcglobal.net> wrote

- quote -






He got a K-1 because to fill the short sale, he had to buy. A short sale
means he sold what he didn't own before he owned it. There was at least one
second that he was an owner. K-1's get issued to all owners, regardless of
how long they owned it.





--
Paul A. Thomas, CPA
Athens, Georgia

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Mar 21, 2:50*pm, "D.D. Palmer" <ddpal...[at]backnet.net> wrote:
- quote -


ed

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

On Mar 21, 2:50*pm, "D.D. Palmer" <ddpal...[at]backnet.net> wrote:
- quote -

own the fund there would be nothing to report on the K-1 and I don't
know why you got a K-1. YOu should have received a 1099-B from your
broker with the sales amount on it. Since you have to match the 1099G
totals you shold enter this trade on your Schedule D but leasve
columns (b) and (e) blank and type open short .

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Today I unexpectedly received a K-1 form for shares of an ETF (US OIL
FUND, symbol "USO") that I sold short in 2007. The form was blank except
for my correct name and SS number, and had a printed note to call the
issuer's tax office as they did not have my correct info.

OK I called and the twinkie on the phone had no clue.

As I was SHORT shares I did not receive any royalties, dividends etc,
nor were any reported to the IRS. The form, as I stated, was blank
except for my name, rank and serial number.

I assume there is nothing for me to do with this form? Good assumption??

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >