Do I need to sell my SUNOCO (SUN) stock?
You no longer have to sell your shares of SUNOCO (SUN). Please read below for more information on our decision.
We heard you loud and clear on our message about Sunoco. We always strive to guide you and help you make good investing decisions. On Wednesday, we sent an email with our decision to remove SUNOCO (SUN) from the platform and asked you to sell your shares by April 1, 2020.
Why did we do this?
Sunoco LP is a master limited partnership (MLP). Although MLPs trade like a stock, owning an MLP is very different than owning a share of common stock. Instead of dividends and capital gains/losses showing up on your 1099, every holder of SUN will receive a special tax document called a K-1. This form makes your tax filing more complicated. Your tax preparer may charge extra for this and the form isn’t available until the middle of March.
We had originally made the decision to remove it from the platform to prevent this situation from continuing to happen to future Stashers. Instead, we should have given you the information and allowed you to make your own choice.
What are we doing now?
The decision is up to you. We’ll be adding SUN back to the platform soon, and you can continue to invest in SUN knowing that it comes with a more complicated tax situation. Since you hold these shares in 2020, you will receive a K-1 tax document in March of 2021. Additionally, if you held these shares in 2019 you will be receiving a K-1 form in the next few weeks.
If you’d like to prevent this from happening beyond this year, you would need to choose to sell your shares of SUN at some point during the 2020 calendar year.
Thank you for being a loyal Stash customer. We are always listening to your feedback and welcome the opportunity to make it right by you.
Please note, Stash does not provide Legal or Tax advice. Please consult a tax professional who can evaluate your personal circumstance and provide tax advice.
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