Yes I've told people here 100s of times as well about them.
Sorry about your story, that sucks
these K1's are BS and should not be allowed or there should be a
warning every time you try to buy on - warning pops up on your
broker warning about the K1
Posted by icecoldjones on 24th of Mar 2023 at 10:29 am
First I'm hearing about this but luckily haven't gotten a K-1
yet in my trading career. That is BS and they should warn you just
like Fidelity warns me when I buy a leveraged ETF like SPXS or when
I buy a stock they deem to be a "penny stock". They review the
risks with you prior to submitting the order.
Sorry for being a noob, but what are some common ETFs or stocks
that might trigger a K-1? I want to avoid those.
Posted by icecoldjones on 24th of Mar 2023 at 10:47 am
Damn, good to know oatdust, thanks! This was my first year
playing with UNG and held for about a month and made a small
profit. Luckily, I made that play within a Roth IRA which should
prevent taxes. Google says I'll get a K-1 for information purposes
but owe no taxes.
Yes I've told people here
Question re: USO - if you trade it multiple times ...
Posted by matt on 24th of Mar 2023 at 10:05 am
Yes I've told people here 100s of times as well about them. Sorry about your story, that sucks
these K1's are BS and should not be allowed or there should be a warning every time you try to buy on - warning pops up on your broker warning about the K1
First I'm hearing about this
Posted by icecoldjones on 24th of Mar 2023 at 10:29 am
First I'm hearing about this but luckily haven't gotten a K-1 yet in my trading career. That is BS and they should warn you just like Fidelity warns me when I buy a leveraged ETF like SPXS or when I buy a stock they deem to be a "penny stock". They review the risks with you prior to submitting the order.
Sorry for being a noob, but what are some common ETFs or stocks that might trigger a K-1? I want to avoid those.
USO, UNG and their related
Posted by oatdust on 24th of Mar 2023 at 10:39 am
USO, UNG and their related inverse and leverage ETFs
Currency ETFs and their inverse and leveraged UUP, UDN etc.
DBA, DBC
Before you invest in an ETF just do a Google search
"Does YCS ETF ISSUE A K-1"
Damn, good to know oatdust,
Posted by icecoldjones on 24th of Mar 2023 at 10:47 am
Damn, good to know oatdust, thanks! This was my first year playing with UNG and held for about a month and made a small profit. Luckily, I made that play within a Roth IRA which should prevent taxes. Google says I'll get a K-1 for information purposes but owe no taxes.
To be fair, it works
Posted by oatdust on 24th of Mar 2023 at 10:51 am
To be fair, it works both ways.
One time I invested 50K in USO, didn't hold that long and got a K-1 claiming a 1.2K loss.
Tax season is full of surprises when you invest in K-1 ETFs.