Today I learned the small lesson of taxes on 'LP' (Limited Partnership) stocks, even in my IRA. For reference I had small holdings in ET before selling last year, learning of a late tax cost this week.
I was surprised that what I considered a large company Energy Transfer LP (ET) would still fall under that. I have two more LP stocks; BNO and USO, that are doing nothing for me anyway and I want to get out before acquiring future taxes. My current plan is to hold on long enough to get a profit that balances out the tax and call it a draw.
***So how can I calculate the upcoming year's tax based on my position?***
Correct me if I'm wrong, but it seems you're taxed for an LP stock regardless if you made a profit. That it's about business fees?