How to report loss from K-1 for investment loss(invested Angellist startup shut down)

Forum|Forum|2 years ago
April 12, 2024
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Hi, I invested a startup on Angellist in 2021 and the startup shut down in 2023. I received a final K-1, I filled it out on Turbotax, but the loss is not counted as in the screenshot. I chose "Disposition was not via a sale" and "All of my investment in this activity is at risk". Is it correct? Or I should add this investment loss to the Investment Income section? Thanks!

PatriciaV

Employee

To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:

Describe this Partnership; "This partnership ended in 20XX" and "Complete disposition."
Tell Us About Your Sale: "Sold Partnership interest." This allows you to report the gain/loss.
Enter Sales Dates: initial contribution date and date the investment shut down.
Enter Sale Information:
Sale Price = 0
Partnership basis = initial contribution adjusted for any activity from Schedule K-1.
The next page displays the gain/loss summary for the investment.