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Yes, it is.
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56/Male |
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Why not just go with the options on DBA and keep rolling them out. There are options out in 2010 so if you are confident in a direction (I like the calls alot right now) you don't even have to roll them forward for a whole growing/harvesting season. Benefits of options vs holding the ETF itself but of course there is the premium and the time decay but for something out in July or in 2010 it is pretty slow decay and you have to add the price you pay for the strike to the strike price and hope the underlying DBA stock gets to the strike you paid PLUS the cost you paid ie, you choose the 26's, pay $2, it has to go to 28 by 2010 or any time in between to break even, profits after that (if you are into ETF's I guess I did not have to explain that simple investment tool)
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61/Male |
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This link provides a terrific example of how to adjust your cost basis to account for K-1 income. I plan to monitor all of my K-1 activity on a spreadsheet. There is much confusion out there on this topic, so do share this with other people and other boards.
http://www.optionetics.com/forums/topic.... Rating :
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SurfGuy,
Absolutely, and the ETF Partnersip in DBA are going to eat you alive with tax problems! Here is my experience from short term trades in 2007: ==================================================== Actual USO trading loss of $741, no interest received Crooks reported taxable profit of $9,136 and interest of $210 on K-1 Actual UNG trading profit $1,900, no interest received Crooks reported taxable profit $4,319 & $120 Interest on K-1 Actual DBA trading profit $4335, no interest received Crooks reported profit $6,963 & $207 interest on K-1 Actual DBC trading profit $337, no interest received Crooks reported profit $3,406 & $195 interest on K-1 I called these crooks to protest, and they refuse to make corrections stating that the partnership profits are real and I am liable even though I never got any of it. I will likely end up in tax court over this because I reported my ACTUAL trades instead of the PHONY numbers from the partnership. NEVER TRADE A COMMODITY Exchange Traded Fund. BEWARE OF THE HORRIBLE TAX NIGHTMARE. Please pass this on to everyone you know. I am likely to be audited because I reported my actual trading profits from 1099, and I ignored the crooks phony profit reports on K-1 form 1065! Grizz Rating :
(1 Rating) |
66/Male |
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I think this has to do with the income that has to be reported due to rolling of futures and such. I think they do this so they don't actually send you 500 bushels of corn, wheat, or 50 barrels of oil, or whatever commodity your etf is tracking. I admit, I don't really understand it, and equity people don't understand it, but seems like this is just the way it is. If you want to go into commodities, this is still a good way to do it.
oh - and here's a good link that tries to explain this: http://www.marketwatch.com/News/Story/St... Rating :
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32/Male |
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Beware if you invest into any commodity based ETFs in a taxable trading account, you WILL get an income tax nightmare beyond belief. Absolutely horrific.
* US Oil [USO] * US Nat Gas [UNG] * Grains [DBA] * Commodity Index [DBC] * Complete listing of TAX TRAPS here: https://taxpackagesupport.com/ All of these are PARTNERSHIPS that will report interest and profits to the IRS that you never get on a Schedule K-1 - from 1065. Imaginary profits you never get are SUBSTANTIAL and TurboTax transfers all of these phony numbers to Schedule B and Schedule D. You will be SHOCKED! The above link will prepare all of your required tax forms for you. They want to be certain you pay taxes on every penny of phony baloney imaginary numbers! Aren't these crooks nice? Grizz Rating :
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66/Male |
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My accountant told me that sometimes a problem of partnerships is that the K-1 comes late in the season and that her clients must go on extension and I was wondering on what date you received yours. If a person sells before December 31 is it treated like an ordinary capital gain?
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56/Female |
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Frnzhn,
1) I didn't receive my K-1 forms until Feb and March. 2) Right or wrong, I ignored the K-1 data and used my actual short term trades to replace the K-1 data. K-1 was so far out of reality that it was absurd. IMO, income tax should be for actual income received, and K-1 showed over $10,000 of income that I never got! 3) Go to this site and it will print your K-1 forms, 1040, schedules B, D, etc with accurate data right from your broker. Fast and easy. This will eliminate the time lag waiting for forms in the snail mail. https://taxpackagesupport.com/ This site also lists ALL of the tax nightmare ETF's that we should avoid like the plague. Grizz Rating :
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66/Male |
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Is there really a hurry to sell this fund? Is the phony income distributed only to holders of record in December?
This fund will probably be up in a few months. Rating :
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56/Female |
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I read someplace that there are not any distributions.
Let us know what you find out on this question. As far as I'm concerned this is nothing but a sleazy legal fraud, on a par with credit cards, banks and subprime slime & ARM mortgages. Grizz Rating :
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66/Male |
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Grizz,
Did you get audited for reporting brokers 1099 results instead of K1 phony results? I am suffering the same dillema now for my 2008 return. Rating :
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Male |
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This one is way worse. Read the audited statement they just sent out from 12/31/2007.
92.7% of assets are in short term treasuries. 12.8% of assets are in commodity contracts. The pecentages exceed 100%. Great accounting there. DBA is just a bullspit money market fund. I think this ETF is a fraud.. I'm selling out at a loss rather than hold this bag o turds. Rating :
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45/Male |
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Wise decision ssydor. I regret ever buying DBA, DBC, UNG and USO. They are all insane Tax Traps. I will spend the rest of 2008 posting this message to warn everyone. Such legal thievery should be illegal!
Grizz Rating :
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66/Male |
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That is very unlikely. You can't get a 50% return on a fund that is 90% short term treasuries.
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56/Female |
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First of all.. read the financial statement. I didn't make that stuff up. okay ?.
The perception is that DBA is linked to commodities.. the reality is in the financial statements. 92.7% short term treasuries. Fact. I am not short or long puts. Rating :
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45/Male |
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I did notice the percentages a couple of weeks ago and as you put it the fund is nothing but money market account.
That would explain why the thing never moves either dramatically up or down. Sold it today and I think covered the brokerage costs and that was about it. Rating :
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According to Yahoo Finance December 2008
TOP 10 HOLDINGS ( 261.56% OF TOTAL ASSETS) Company Symbol % Assets Corn Futures Dec 09 N/A 63.01 Soybean Future Nov 09 N/A 64.91 SUGAR #11 (WORLD) JUL09 N/A 63.71 Wheat Future(Cbt) Dec09 N/A 12.45 Wheat Future(Cbt) Jul09 N/A 39.14 WHEAT FUTURE(KCB) JUL09 N/A 18.34 Holdings according to Yahoo. Rating :
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41/Male |
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