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I don't think I did anything too out of the ordinary. Using the typical Robinhood UI, I bought and sold Invesco DB US Dollar Index Bearish Fund (UDN), which di

I don't think I did anything too out of the ordinary. Using the typical Robinhood UI, I bought and sold Invesco DB US Dollar Index Bearish Fund (UDN), which didn't require any extra work on my part compared to trading $SPY or $TSLA or whatever. Then I got a Schedule K-1 from Invesco and instructions to file a Form 6781. It was a separate form from the 1099 that Robinhood sent me and not auto-imported from Robinhood to TurboTax.

ghaff 5y ago
A K-1 is what I get from a Charitable Remainder Unitary Trust. (Basically an annuity from donating appreciated assets.) Never looked into the details of the form--that's why I have an accountant--but seems to relate to some sort of partnership interest.
- lastofthemojito 5y ago
  Yeah, the form lists me as a limited partner in the partnership and lists my purchase price of the ETF as "capital contributed during the year" and my sale price of the ETF as "withdrawals & distributions". I really don't understand why trading that particular ETF triggers this tax form vs listing the gain or loss on a 1099 just like every other stock or fund I traded. Probably something about the underlying currency trading? But if I had known it was going to mean spending hours researching the correct way to file, I probably would have skipped that particular investment.
  - ghaff 5y ago
    It seems because the fund is basically a bundle of futures contracts and therefore "The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder." But, yeah, I wouldn't have dug that deeply in all probability and I'm sure the details are hyper-technical. https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=UDN https://www.invesco.com/us/financial-products/etfs/product-d...

ghaff 5y ago

A K-1 is what I get from a Charitable Remainder Unitary Trust. (Basically an annuity from donating appreciated assets.) Never looked into the details of the form--that's why I have an accountant--but seems to relate to some sort of partnership interest.

lastofthemojito 5y ago
Yeah, the form lists me as a limited partner in the partnership and lists my purchase price of the ETF as "capital contributed during the year" and my sale price of the ETF as "withdrawals & distributions". I really don't understand why trading that particular ETF triggers this tax form vs listing the gain or loss on a 1099 just like every other stock or fund I traded. Probably something about the underlying currency trading? But if I had known it was going to mean spending hours researching the correct way to file, I probably would have skipped that particular investment.
- ghaff 5y ago
  It seems because the fund is basically a bundle of futures contracts and therefore "The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder." But, yeah, I wouldn't have dug that deeply in all probability and I'm sure the details are hyper-technical. https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=UDN https://www.invesco.com/us/financial-products/etfs/product-d...