How do I close a position in an MLP?

If you do not already hold a long position and enter a sell order, your order will be treated as a short sale (as accounts cannot simultaneously hold both a long and short position in the same security…

If you are holding a short position, there is no option on the TWS to "cover". Rather, you will simply place a buy order to buy back the number of shares or contracts you are short. For example, if you are short 100 shares, you can close your position by placing a buy order for 100 shares. You can also right click on your position at any time and use the "Close" button at the top of the right click window to initiate a closing order…

As of January 1, 2023, IBKR is required to withhold 10% of the gross proceeds from the sale of MLPs by non-US clients. A client can review the withholding tax on their Activity Statement under the Transaction Fees section.

Additional Information…

Client Portal allows to enter basic order types, such as Limit, MidPrice, Market, Stop, Stop Limit, Market on Close and Limit on Close. You can create a One Cancel Another (OCA) group…