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Yep, you get a K1 and it applies to an IRA. Pain in the rear and that's why I don't trade USO, UCO, etc.
Easier to use ETFs that don't have K1s.
the k1's are easy to deal with ... you just enter the line numbers to match on your taxes . i have been dealing with k1's for decades
but the fact there could be taxes on it even in an ira is a whole other thing because uso engages in UBTI which can generate nasty tax surprises in retirement accounts
Well from looking at the charts UCO ended up 1,000% in 2022 from when I posted, so I could have hit a million! But due to erosion it's not even close to where it was in the 200's pre crash. Currently it's up 400% from when I posted. I love looking back on these investing posts.
Just buy a few lottery tickets instead. Your chances are about the same. Most of UCO is near month oil futures, and they don't even have anywhere to store the oil right now which is why oil went negative priced, earlier this week. Oil is not coming back for a long, long time.
Just buy a few lottery tickets instead. Your chances are about the same. Most of UCO is near month oil futures, and they don't even have anywhere to store the oil right now which is why oil went negative priced, earlier this week. Oil is not coming back for a long, long time.
As a successful investor, it's easy and obvious to spot people that haven't a clue.
The OP is one of them.
You were wrong and didn't have a clue!
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