Long-term loss from defunct partnership with no K-1

[ConfusedRED]

I invested in a partnership that lost the investors’ entire investment and vanished with no trace. I tried inputting a long-term capital loss on Form 8949, but TT returns an error message that the Property Description should not be overridden. How then, should I input this information?

[PatriciaV]

The loss from a worthless investment is entered in TurboTax under Wages & Income >> Stocks, Crypto, Mutual Funds, etc. Entries from this topic will complete Form 8949 and Schedule D.

1. Add an investment, skip import, choose "Other," and use whatever description you wish for the broker.
2. The disposal date would be the date you were informed/aware the investment was worthless, with zero sales proceeds.
3. TurboTax will provide a summary of your entries, including the loss reported on Form 8949.

[ConfusedRED]

Thank you so much for those directions. They worked and I'm all set now.