I have used Turbotax for over 40 years, using Turbotax Business in the past (for partnership, S Corp, and Trust returns) and Turbotax Premier for my personal return. I invested in some limited partnerships over a decade ago and they are always slow in sending the K-1s. Most of them have closed without any return. I received the K-1s for the two remaining investments about a month ago. One of them is a Final K-1. I have had some good help in the Turbotax Community and appreciate those who take time to reply to questions there. Two of these K-1s, including the most recent one, marked "final K-1" have shown a loss for Capitalized Syndication Costs. The K-1 says to "consult your tax adviser". Questions to the Turbotax Community have not resulted in help in handling the syndication costs. I found an article on line written by an accounting firm that indicates that syndication costs can be written off by a limited partner when a limited partnership is closed. So, I'm writing off the entire investment. Can't find anything in the Partnership Instruction for Schedule K-1 that address syndication costs. Turbotax Premier has allowed me to take the entire value of the original investment as a capital loss. So, I'm filing my final 2023 1040 tax return today. I'm confident that the return is OK, as it now passes all the system checks and tells me that the return is ready to file. My other concern that this year Turbotax will not run on my iMac computer that can't be upgraded beyond MacOS Big Sur. I loaded it on my newer MacBookPro, running MacOS Ventura and was able to prepare my 2023 return using that computer. I'll have to upgrade my iMac before next tax season. Sorry for the long message. I'm still a dedicated Turbotax user and appreciate the upgrades and community help over the past four decades.
