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Since 2020 I've been investing in some oil ETFs: USO, USL, BNO. They're setup as LLCs, and send you a K1. In box 11c (other income) they put the difference between the value of the shares you bought and the value of them at the end of the year -- regardless of if you sell them.
Also, on the 1099 form from my broker, the same funds show along with the other investments I've sold, showing what I paid for the shares of the funds and how much I sold them for.
The people who did my taxes counted both of these amounts as liabilities. I'm essentially paying taxes on the same growth twice. I've tried researching this, but the only clues I find are people trying to figure out how to do their own taxes, like here: https://ttlc.intuit.com/community/business-taxes/discussion/uso-etf-partnership-k-1/00/284493/page/2
Also, the k1s come with instructions... But everything comes down to "Please consult a tax professional", which I have, several, but none are familiar with handling this.
Am I out of my mind? Any ideas? Thanks.
Also, on the 1099 form from my broker, the same funds show along with the other investments I've sold, showing what I paid for the shares of the funds and how much I sold them for.
The people who did my taxes counted both of these amounts as liabilities. I'm essentially paying taxes on the same growth twice. I've tried researching this, but the only clues I find are people trying to figure out how to do their own taxes, like here: https://ttlc.intuit.com/community/business-taxes/discussion/uso-etf-partnership-k-1/00/284493/page/2
Also, the k1s come with instructions... But everything comes down to "Please consult a tax professional", which I have, several, but none are familiar with handling this.
Am I out of my mind? Any ideas? Thanks.