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How to record an investment loss in an LLC that has never sent a k-1?
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This is not a C Corp and the investment is totally worthless. This was not a restructure. They do not exist anymore. Their assets were transferred and liquidated. I am not concerned about proving that the investment is worthless. I could prove that if questioned by the IRS. My only concern is how to record it using turbotax. I need help in being pointed in the right direction of how to do it.
Based on the limited information:
- If you never received a K-1, then I am assuming that you have never entered any information into TT regarding this investment; i.e. Schedule E and potentially reflected as a passive activity.
- As a result, I would just enter the information directly on form 8949 which will then flow to Schedule D
- You would enter it just as a stock sale as you received no proceeds and you know what you invested. Just use the name of the investment entity in the description column.
- TT will handle the rest
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