How do I deduct as long-term capital loss my share of partnership syndication costs due to the liquidation of an LLC investment on TurboTax premier?

[CathiM]

You can report the loss like an investment sale (disposition). This will be reported on Form 8949 and Schedule D. Enter can enter $0 for net proceeds if you received nothing. For the cost basis, enter your basis in the partnership or the amount of the loss.  You need to work with those two numbers to make it fit your situation, so you end up with the correct long term capital loss. Proceeds minus Cost basis will give you your loss. The interview may not exactly fit your situation: 

• Select Federal Taxes
• Select Wages and Income
• Click on the arrow next to Investment Income
• Select Start or Revisit at Stocks, Mutual Funds , Bonds, Other
• Select No you did not get a 1099-B for this transaction
• Select Everything Else for type of Investment

• Enter description and net proceeds (this can be $0)
• You can use Other Method for how you acquired this property
• Enter your cost basis in the partnership, or just enter your loss here, if you entered $0 as proceeds