At the suggestion of a relative, I bought a stock that is publicly traded on the NYSE that is a Master Limited Partnership (MLP) and held it for 2 to 3 years. I sold the stock at a considerable loss. I am in the process of filing a tax return for 2017 using the Schedule K-1 issued by the company. I filed last year's Federal Income Taxes using the Schedule K-1 for the MLP just by filling in the requested amounts in Turbotax Deluxe.
But I sold the stock (MLP) in 2017 and now I have to give Turbotax Deluxe an amount for The Partnership Basis. I have some understanding of why this is not the typical "cost basis" (i.e., because this is an MLP and various adjustments have to be made), but figuring out the Partnership Basis using the Instructions for Schedule K-1, or Publications 541 & 925 seems onerous and fraught with potential errors. I'm wondering if there is an edition of Turbotax (or some other software) that will essentially calculate the Partnership Basis for me if I supply it with the proper numbers from the two K-1s (for 2016 & 2017) I have, as well as the cost price and sale price of the MLP on the NYSE (and brokerage commissions). Is there such software? Maybe it would be the business edition of Turbotax?
If the software would fill out any other forms I need to file taxes having held this MLP that would be even better.
I just don't make enough money to justify getting an accountant to do this. I will not buy another MLP because of the difficulty of understanding the tax liability.