Lucas Andersen

The Complete Guide to MLP Investing

Tax guides, basis tracking tools, and institutional-grade analysis for MLP and PTP investors — built by a proprietary energy trader.

Deep Dive

What Does Holding MLPs for 20 Years Actually Look Like?

Year-by-year basis erosion, the zero-basis inflection, the buy-more strategy, and what your heirs actually inherit. The full tax math with every number shown.

Read the 20-Year Analysis

Start with the free K-1 Basis Tracker

Enter your K-1 data and see your IRS-adjusted basis in seconds. No signup required.

Open K-1 Basis Tracker

MLP Fundamentals

How MLP Distributions Work

Return of capital, taxable income, and why distributions aren't dividends

How to Evaluate an MLP

DCF, coverage ratio, and the metrics that actually matter

When to Sell an MLP

Tax consequences, phantom gain, and the basis trap

Estate Planning

MLP Estate Planning Guide

6-part series: every trust type, every scenario computed

When Step-Up Basis Beats a Trust

§1014 eliminates ~$48,535 deferred tax on a 5-MLP portfolio

The MLP Inheritance Playbook

Just inherited units? Start here

Community Property Double Step-Up

WA, TX, CA, and 6 other states

MLPs in a Living Trust

What your attorney didn't tell you

MLPs in an Irrevocable Trust

When the tax shelter becomes the tax problem

K-1 Tax Guides

Why Your Broker's Cost Basis Is Wrong

Brokers don't receive K-1 data — here's what they miss

K-1 Basis Worksheet Explained

Line-by-line walkthrough of the IRS Partner's Basis Worksheet

Section 751 Recapture

The ordinary income surprise when you sell an MLP

MLP State Filing Requirements

Which states require you to file, and which don't

How Distributions Erode Your Basis

Why your cost basis drops every year you hold

MLP in an IRA: UBTI

When tax-advantaged accounts create a tax bill

Box 19 Distributions

What Box 19A, 19B, and 19C mean on your K-1

K-1 Guides by MLP

Energy Transfer (ET)

K-1 guide for ET and its sub-entities

Enterprise Products (EPD)

K-1 guide for EPD unitholders

MPLX LP

K-1 guide for MPLX unitholders

Plains All American (PAA)

K-1 guide for PAA unitholders

Western Midstream (WES)

K-1 guide for WES unitholders

Cheniere (CQP)

K-1 guide for CQP unitholders

Sunoco LP (SUN)

Fuel distribution MLP

Natural Resource Partners (NRP)

Mineral royalties, not pipelines

Tax Season 2026

K-1 Release Dates

When every major MLP sends your K-1 for tax year 2025

Tools

K-1 Basis Tracker

Free IRS-adjusted basis calculator for MLP investors

MLP Tax Center — all guides, tools, and deep dives

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