there are some other things you need to do. check that the k-1 is final. check that you disposed of your entire interest. use the quick zoom link to enter certain info. assuming this liquidation is not reported on a broker's 1099-B you need to enter liquidation proceeds as the sales price and basis before liquidation proceeds. this is crucial so that passive losses are allowed. just entering final k-1 does nothing to free up these losses.
Some clarification needed on some items:
- When you indicate a basis of $7,073 is that your tax basis?
- Is this based on your maintaining a tax basis schedule?
- Or was this indicated on your K-1?
- The basis figure you mention, is this adjusted for the current year loss of $4,481?
- Is your basis adjusted for the final current year K-1 items?
- Did you receive a liquidating distribution?
- Did you use TT in prior years?