I have a K1 for a bankrupt investment, but's it's only showing a '1' in 'Ordinary business income (loss)'. Shouldn't that represent my full loss amount of my investment?

[Rick19744 · Accepted solution]

No.

You should be maintaining a basis schedule of your investment in this activity.  This begins with your original capital contribution and is updated annually for the applicable lines on your K-1.

Once you update your basis schedule for the final K-1, you will then have the information to determine if you have an overall gain or loss on this investment.  This gain or loss is then reported on Schedule D and the applicable form 8949.