Master Limited Partnership For Tax Purposes
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FAQ
The Bottom Line. MLPs offer a cost advantage over regular company stocks since they're not hit with a double tax on dividends. In fact, their cash distributions are not taxed at all when unitholders receive them, which is very appealing.
At year's end, you receive a K-1 showing the amount of MLP income you have to report on your taxes. Collect your K-1 forms. ... Obtain a copy of the IRS K-1 reporting instructions. ... Transfer interest income to your Form 1040. ... Transfer ordinary and qualified dividends to your Form 1040. ... Transfer any royalty payments.
Many investors are surprised to receive a Schedule K-1 when they invest in an MLP or PTP. The K-1 is the way the partnership communicates to the owner what his share of taxable income or loss is. The items on the K-1 must be included on your personal tax return, so be sure you give the K-1 to your tax preparer.
Tax Treatment of MLPs Qualifying income includes income realized from the exploration, production, or transportation of natural resources or real estate.
By distributing most of their income to limited partners, MLPs avoid being taxed directly on the income they earn. But, unitholders will pay tax on the distributions they receive. Other tax items such as depreciation can also be passed along by the MLP to unitholders like other partnerships.