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Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

The partnership is closed, with no consideration.  All personal money I invested is gone.  

I received Final K-1.  I have the following in Section L:  Beginning Capital Amount=15,214, Current year increase (decrease)= -14,173, withdrawal and distribution=(1041), Ending Capital Amount = 0.  Tax Basis is checked.

I also have Box 9a (Net long term capital loss = -14,173 and Box 19 = A Distribution=1041.

How can I write off $14,173 completely.  I chose  the partnership ended, and Disposed off my interest in partnership, How disposed = Complete Disposition and Sold Partnership interest

What do I enter in the following?

Sale Price?, Partnershi Basis?

If I enter Partnership basis as 15,214 or 14,173, TT does not do anything to my tax calculations and adds this loss to my Box 9A loss on schedule D?

Please help how should I enter this K-1 information to take 14,173 as complete loss.  Thank you.

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Accepted Solutions

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

"How can I write this off completely?"

The bottom line here is that this is a capital loss which will be netted against capital gains, if any, after which any remaining loss will be limited to $3000 per year to deduct against other income.

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5 Replies

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

"How can I write this off completely?"

The bottom line here is that this is a capital loss which will be netted against capital gains, if any, after which any remaining loss will be limited to $3000 per year to deduct against other income.

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

But the full amount is At-Risk, and should be a full amount of write off right away irrespective of capital gain.  Did Turbo Tax made and error and let me deduct $3000?

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

No. You can deduct up to $3000 ($1500 if married filing separately) per year in capital losses (that exceed capital gains).

See <a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0">https://www.irs.go...>

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

But the link does not say anything about At-Risk.  The At-Risk amount kicks in before passive activity loss.  Since my amount was at risk, it should offset any other earned income.  See <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p925.pdf">https://www.irs.gov/pub/irs-pdf/p925.pdf</a>

Received final K-1 for General Partnership with no consideration, It has Box 9a has -14,173. How can I write this off completely?

Again, it is a capital loss. If you bought $14k worth of stock traded on the NYSE, the full amount would be at-risk as well, but that wouldn't change a capital loss into an ordinary loss if you sold the shares at a loss.
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