“Hey Brett… you joined two partnerships last year?”
What? I didn’t. Or I thought I didn’t. In reality, I did–by buying shares in not one but two master limited partnerships (MLPs).
One of them was Enterprise Products Partners (EPD) and while I can’t recall the other, I can vividly the annoyed look on my accountant’s face like it was yesterday.
Master limited partnerships (MLPs) are required to issue you a K-1 package at the end of the tax year. These are generally headaches for the person who does your taxes (whether it’s you, or a professional).
That year my accountant calmly but sternly asked me to stop buying MLPs in my personal portfolio.… Read more