I am writing off a limited partnership investment with a basis of 7073. I have prior year passive losses of 3992 plus 2020 losses of 4481. How do I enter in Turbotax?

[bobnowlin]

This was a liquidation, not a sale.

[Critter-3]

To you it is a "sale" since you no longer have the partnership so click that box.  

[Mike9241]

 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. 

[Rick19744]

Some clarification needed on some items:

1. When you indicate a basis of $7,073 is that your tax basis?
   1. Is this based on your maintaining a tax basis schedule?
   2. Or was this indicated on your K-1?
2. The basis figure you mention, is this adjusted for the current year loss of $4,481?
3. Is your basis adjusted for the final current year K-1 items?
4. Did you receive a liquidating distribution?
5. Did you use TT in prior years?